Gasoline headed for the biggest weekly gain since December as supplies fell amid a seasonal switch to summer-grade fuel, which is more expensive to produce.
Motiva Enterprises LLC’s Convent, Louisiana, refinery restarted a hydrotreater after repairing damages from a fire, a person familiar with the work said.
Diesel futures sank to a three-week low as supplies of distillate fuels rose for a second consecutive week after imports to the U.S. East Coast increased to the highest in four years.
Valero Energy Corp.’s Memphis refinery was forced to move maintenance to April from March after losing a key parts supplier, a person familiar with operations said.
Diesel futures fell along with crude oil on lessening concern that tensions between Russia and Ukraine would disrupt energy supply.
Diesel futures jumped along with crude and European gasoil as Russia became embroiled in a standoff with the U.S. and Europe over its strengthening military presence in the Ukraine.
Diesel futures rose as snow and another winter storm heads from the U.S. Midwest into the Northeast, increasing demand for heating fuel.
Diesel futures advanced after a report that U.S. stockpiles of distillates fell last week amid strong demand for heating oil.
Gasoline fell on speculation that frigid temperatures across the eastern U.S. will reduce demand for the motor fuel while fog slows exports from the Gulf Coast.
March diesel futures declined amid speculation that distillate cargoes from Europe and milder weather will boost supplies.