Oils produced on the U.S. Gulf Coast gained against domestic benchmark West Texas Intermediate as refiners increased runs before the summer driving season.
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.
Crude from the Bakken shale formation declined to a three-month low against domestic benchmark West Texas Intermediate.
Ultra-low-sulfur diesel futures advanced for the third straight day after reaching a nine-month low April 17. Crack spreads widened.
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 dropped, following crude lower after U.S. unemployment benefits claims increased more than forecast. The crack spread on the New York Mercantile Exchange widened for the first time in a week.
Oil produced on the Gulf Coast strengthened against domestic benchmark West Texas Intermediate after a government report that demand from refiners in the region jumped to a seasonal high.
Gasoline rose as U.S. economic data boosted optimism that fuel demand will increase and reports of 35 hostages killed in Algeria pushed crude oil higher.
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.
"The expectation that more light sweet is going to be moving to the Gulf Coast is becoming a reality, with Longhorn online and the Permian Express coming right behind it."
- Andrew Lebow on May 21, 2013