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.
The expansion in stockpiles of U.S. gasoline as refineries returned from maintenance and imports accelerated spurred speculators to cut wagers on rising prices by the most in more than three months.
Gasoline futures gained today as Brent crude headed toward a weekly advance amid speculation that escalating tension in Ukraine may disrupt supplies from Russia, the world’s biggest energy exporter.
America’s newest energy hub just got a little busier.
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.
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.
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 fell amid speculation that seasonal refinery maintenance has peaked and fuel stockpiles will begin rising.
"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