October heating oil prices trended higher during the overnight and initial morning hours but struggled to overtake yesterday's high. Some of the upside action in the market comes from a rebound in October Brent crude oil, as well as an upbeat macroeconomic tone. Yesterday's EIA inventory data showed an unexpected build of 993,000 barrels last week. EIA distillate stocks stand at 29.693 million barrels below last year and 25.243 million below the five year average. Distillate imports came in at 135,000 barrels per day compared to 134,000 barrels the previous week. Average total distillate demand for the past four weeks was down 9.33% compared to last year. EIA heating oil stocks rose 652,000 barrels last week and are 13.151 million barrels below last year.
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