October heating oil prices broke out to a new five month high during the initial morning hours was the upside leader in the crude oil complex. Some of the support appeared to come from gains in Brent crude oil, as well as growing level of geopolitical risk in the market. Yesterday's EIA distillate inventory report showed a gain of 1.476 million barrels last week. This brought current stock levels to 29.928 million barrels below last year and 24.634 million below the five year average. Distillate imports came in at 144,000 barrels per day compared to 135,000 barrels the previous week. Average total distillate demand for the past four weeks was down 11.86% compared to last year. EIA heating oil stocks rose 93,000 barrels and are 13.035 million barrels below last year and 15.312 million below the five year average.

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