November heating oil prices had a gap lower open Tuesday evening and turned below short term support of $3.0726. That coupled with gains in the US dollar and 1.4% decline in November Brent crude oil this morning give the bear camp the early edge. Meanwhile, the heating oil market seems to have overlooked private industry figures late Tuesday that showed an unexpected decline in distillate supplies last week. Expectations for today's EIA data are for a build in US distillate supplies of around 800,000 to 1.0 million barrels. The bears get the early edge in November heating oil, with the next support area coming in at $3.0570 level.
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