September heating oil broke out to a new 4-session high this morning and has closed in on this week's high of $2.9350. Some traders suggested that the market has benefited from a positive turn in macroeconomic sentiment, as well as European inventory data that pegged gasoil stocks at a new 10 month low. It appears that the combination of strong consumer buying interest after the recent plunge and strong South American demand are factors behind the decline. This could provide an increase in demand for US distillates.
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