Finally, energy stocks are on the move.
Oil exports from the U.S. in April rose to the highest level in 15 years as Canadian refineries replaced more expensive imports from Europe and West Africa with shale oil from North Dakota and Texas.
West Texas Intermediate crude’s discount to Brent widened as supplies at Cushing, Oklahoma, dropped by the least in nine weeks.
The following is a selection of the most important news affecting the oil market.
Gasoline futures climbed in New York after a tornado-damaged Louisiana refinery shut a crude unit and a government report showed U.S. inventories tumbled.
Gasoline futures gained in New York after the nation’s third-largest refinery shut a crude unit amid damage from a severe storm and power outage.
Hess Corp. agreed to sell its gasoline stations to Marathon Petroleum Corp. for $2.6 billion, the latest and largest in more than $12 billion of asset sales as the company focuses on producing oil and natural gas.