Europe’s biggest stockpiles of natural gas since at least 2009 are damping the threat of any potential disruptions in supplies from Ukraine, the main transit route of Russian fuel to consumers in the west.
Hedge funds raised bullish gold wagers to the highest in eight weeks as signs of stronger Chinese demand drove prices to the longest rally since August. Goldman Sachs Group Inc. says the gains will be short-lived.
West Texas Intermediate narrowed its discount to Brent to the least in more than two months following the start of a pipeline carrying crude out of Cushing in Oklahoma, the delivery point for U.S. futures.
The price gap between the world’s two biggest oil benchmarks probably will narrow next year as U.S. exports of refined fuels reach a record and crude supply from the Middle East and North Africa expands.
Hariga, the biggest oil terminal in east Libya run by the central government, can’t export because gunmen nearby pose a threat to tankers, the port’s inspection and measurement coordinator said. Curbs on the sales helped lift crude prices to a six-month high last year.