October heating oil prices registered a new high for the move during the initial morning hours, which was the highest level since April 3. A surge in risk-taking sentiment, gains in the euro currency against the US dollar and further upside action in Brent crude oil seemed to offer early support. While most of the upside action in heating oil appears to be coming from a decisive shift in risk appetites, some traders suggested that support could be coming on prospects for a slight pullback in Midwest distillate output due to refinery maintenance.
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