October heating oil prices grinded higher during the overnight and early morning hours and registered a higher high in the process. While some traders note a relatively quiet cash market trade for distillates, it is still uncertain what the impact of the recent storm activity will have on inventories. Market estimates for this week’s EIA data range from a 250,000 build to a 250,000 draw.

October heating oil traded lower during the initial morning hours, pressured by a weak economic growth concerns and reduced demand prospects. Some traders suggested that the heating oil market may have drafted a level of early support from modest gains in Brent crude oil, after reports surfaced indicating delayed shipments of North Sea Forties. The Commitments of Traders Futures and Options report as of August 30th showed non-commercial traders were net long 21,377 contracts, an increase of 8,186. Non-commercial and nonreportable traders combined held a net long position of 35,524 contracts, an increase of 14,818 in their net long position.

Referenced Stocks: GDX, GLD, SLV, UNG, USO

Commodities finished trading in the red with both gold and crude oil futures firmly in the red.

Light, sweet crude for October delivery finished down 0.5% to $86.02 a barrel. In other energy futures, heating oil was up 0.29% to $3.00 a gallon while natural gas was up 1.78% to $3.94 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.71% to $33.40. The United States Natural Gas ETF ( UNG ) is up 2.16% to $9.92.

Energy futures finished trading lower as crude oil futures backed off their prior-session close to finish under $87 a barrel.

Light, sweet crude oil for October delivery finished down 2.8% to $86.45 a barrel. In other energy futures, heating oil was down 2.16% to $2.98 a gallon while natural gas was down 3.36% to $3.91 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 2.52% to $33.60. The United States Natural Gas ETF ( UNG ) is down 4.47% to $9.73.

Referenced Stocks: GDX, GLD, SLV, UNG, USO

Commodities finished trading mixed as crude oil futures finished down below $87 a barrel while gold snapped a losing streak to end with gains topping 2%.

Light, sweet crude oil for October delivery finished down 2.8% to $86.45 a barrel. In other energy futures, heating oil was down 2.16% to $2.98 a gallon while natural gas was down 3.36% to $3.91 per million British thermal units.

October heating oil prices grinded lower during the initial morning hours, as the market appeared to be concerned over prospects for a weakening US economy. It also seems that tightening supply worries from last week have eased somewhat, reflected by nearby (October vs November) heating oil spread turning lower.

Referenced Stocks: GDX, GLD, SLV, UNG, USO

Commodities finished trading mixed as gold ended higher to finish with its best gains in nearly two years. Crude oil futures waffled throughout the session to end just lower.

Light, sweet crude oil for October delivery finished down 0.1% to $88.81 a barrel. In other energy futures, heating oil was up 0.39% to $3.08 a gallon while natural gas was up 3.58% to $3.08 per million British thermal units.

Energy shares are higher while crude oil futures are trading near flat, but holding above $88 a barrel, after U.S. crude inventories fall.

Light, sweet crude for November delivery is trading flat to $88.35 a barrel. In other energy futures, heating oil is up 0.15% to $3.03 a gallon while natural gas is up 1.35% to $3.60 per million British thermal units.

The United States Oil Fund ( USO ) is up 0.06% to $34.17. The United States Natural Gas ETF ( UNG ) is up 0.69% to $8.78.

November heating oil prices have extended their decline from last week into this morning and were down nearly $0.30 from the September 16th high to this morning’s low. A rebound in outside market sentiment helped fuel a rebound in prices back into positive territory this morning. The Commitments of Traders Futures and Options report as of September 20th showed non-commercial traders were net long 21,214 contracts, an increase of 6,680. Non-commercial and nonreportable traders combined held a net long position of 33,053 contracts, for an increase of 5,162 on the week.

December heating oil prices seemed to pending a level of support during the overnight trading hours on prospects for a larger than anticipated draw in this morning’s EIA data. Meanwhile, heating oil inventory data out of Germany earlier this morning pegged October 1st supplies at a seasonally high level in the wake of mild fall weather conditions. Expectations for this morning’s EIA distillate inventory data are for a decline in the range of 1.5 million barrels.

November heating oil took on a slightly higher track during the initial morning hours but seemed to retreat with a rebound in the US Dollar. Some traders indicated that the overnight strength in heating oil might have come from private industry data that showed an unexpected decline in weekly distillate supplies. Expectations for this morning’s EIA inventory report call for a build in the range of 250,000 to 500,000 barrels.

November heating oil managed to hold above an overnight test of downside support, helped in part by a positive turn in risk sentiment and US Dollar weakness. Some traders pointed to an increase in agricultural demand for diesel as offering support as well. Wednesday’s EIA report showed distillate stocks rose 72,000 barrels, quite a bit less than expected. This brought current inventory levels to 15.911 million barrels below last year but 6.656 million above the five year average. Distillate imports came in at 150,000 barrels per day compared to 158,000 barrels the previous week. Average total distillate demand for the past four weeks was down 1.04% from last year. EIA heating oil stocks fell 770,000 barrels, to 11.555 million barrels below last year.

November heating oil prices traded higher during the initial morning hours, supported by a positive outside market tone and prospects for a boost in distillate demand. This week’s EIA report showed distillate stocks falling by a more than expected 744,000 barrels. This brought current inventories to 15.531 million barrels below last year but 6.516 million above the five year average. Distillate imports came in at 208,000 barrels per day compared to 150,000 barrels the previous week. Average total distillate demand for the past four weeks was up 1.95% compared to last year. EIA heating oil stocks fell 679,000 barrels and are 12.037 million barrels below last year.

Energy shares are mixed in mid-day trading, while crude oil futures churn higher with the November contract topping $80 a barrel.

Light, sweet crude for November delivery is trading up 0.93% to $80.45 a barrel. In other energy futures, heating oil is up 0.94% to $2.80 a gallon while natural gas is down 0.84% to $3.54 per million British thermal units.

November heating oil prices established a higher high this morning, marking a $0.17 rally from this week’s low. The gains in heating oil appeared to be the result of an improving outside market tone, a rally in global equity markets and ideas that the global economy might be on a recovery track.