Enbridge Inc.’s planned shutdown of the Ozark pipeline for 10 days starting June 10 will reduce capacity to move oil from Cushing, Oklahoma, the delivery point for futures on the New York Mercantile Exchange.
Gasoline futures rose for the first time in seven days as frigid temperatures caused refinery shutdowns from Newfoundland to Louisiana.
Gasoline futures jumped to the highest level in more than three months as supplies in the Northeast may fall on refinery shutdowns and greater demand during the holiday season.
Western Canada Select weakened against domestic benchmark West Texas Intermediate after Exxon Mobil Corp. shut a pipeline carrying crude from Illinois to refineries along the Gulf Coast.
Gasoline futures slid as U.S. employers added fewer jobs than projected in June, increasing concerns that the country’s economic recovery is stalling and fuel demand won’t improve.
Heating oil and gasoline rose after a crude unit was shut at the largest refinery in the U.S. following a fire.
WTI crude options volatility held below 14 percent for a fourth day amid low year-end volume and speculation futures will remain in a tight trading range.
Gasoline surged as refinery and pipeline shutdowns increased concern that supplies aren’t adequate to meet demand.
"Today I think we're reflecting the Brent market. It looks like gasoline is just bouncing off Brent, a little of WTI as well."
- Andrew Lebow on May 16, 2014