Heating Oil Edges Higher but Distillate Demand Remains Weak

Heating oil prices edged higher on Wednesday following the release of the Department of Energy’s inventory report.  Prices tested support levels near 1.59, but were unable to capture the 20-day moving average at 1.6025.  Momentum seems to have turned positive, but traders should be leery of upward price movements given the bearish fundamentals.

OECD inventories rose counter-seasonally by…