Gasoline followed Brent crude lower after an accord that limits Iran’s nuclear program and eases some economic sanctions.
Light Louisiana Sweet crude fell against Brent, extending a weakening trend against the European benchmark that reached an all-time low last month.
West Texas Intermediate crude in Midland, Texas, strengthened for the third day in a row against the same oil in Cushing, Oklahoma, as key pipelines increased rates after maintenance.
Diesel gained on indications that the Federal Reserve will delay tapering stimulus because the protracted government shutdown and political wrangling that preceded it may have disrupted growth.
Ultra-low sulfur diesel fluctuated as the deadline neared for U.S. Congressional leaders to hammer out a deal that would end the budget standoff before the country’s borrowing authority runs out.
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 fell with crude as speculation grew that the Federal Reserve will reduce bond purchases, boosting interest rates and lowering investment demand for commodities.
Gasoline futures strengthened after an industry report showed inventories of the motor fuel declined last week.
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.
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.
"LLS is hanging in at lower levels and it remains significantly under Brent."
- Andrew Lebow on Nov 05, 2013