Heating Oil Trades Lower as OPEC Cut Concerns Offset Large Crude Inventory Draw

Heating oil prices whipsawed on Thursday first moving lower and then rebounding into the close of the trading session. News that Saudi Arabia would cut production by less than the 1.3 million barrels a day expected, put pressure on prices.  The larger than expected draw in crude oil inventories reported by the EIA helped buoy heating oil prices. Distillate fuel…