Heating Oil Rallies Despite Robust Inventory Surge

Despite robust demand for distillates, inventories surged in the first week of January, with all three major areas of the petroleum complex showing larger than expected builds.  Imports surged, which was likely the last of the increases seen ahead of the OPEC’s cut which is expected to begin in January of 2017.  This appears to be a buy the rumor sell the fact scenario.

The Department of Energy…