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 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.
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.
Gasoline surged as refinery and pipeline shutdowns increased concern that supplies aren’t adequate to meet demand.
Gasoline rose as refiners worked to increase production after disruptions caused by Hurricane Isaac reduced U.S. stockpiles to the lowest level since 2008.
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.
"There's no question that that's going to contribute to weakness in West Texas crudes."
- Andrew Lebow on Oct 14, 2014