The following is a selection of the most important news affecting the oil market.
Canadian natural gas prices rose to the highest level in more than two years as frigid weather flooding the U.S. Midwest boosted heating demand.
Canadian light crude strengthened for a third day on speculation that abnormally cold weather in the U.S. would disrupt competing oil supplies.
Canadian natural gas traded at its strongest price against U.S. gas in nearly two months as TransCanada Corp. lowered short-term tolls on the country’s largest natural gas pipeline.
Natural gas futures fell the most in seven months in New York after government reports showed bulging U.S. inventories and rising production.
Canadian natural gas fell as nuclear power plants came back into service in the U.S. following seasonal maintenance, cutting demand for power generation from other fuels.
Natural gas futures may climb next week on speculation that colder-than-normal Eastern U.S. weather will stoke demand for the heating fuel.
Canadian natural gas for June delivery rose for the first day in five as traders sought bargains and covered bets on earlier declines.
U.S. natural-gas supplies probably climbed by less than the seasonal average last week as above- normal temperatures increased demand from power plants, according to analyst forecasts compiled by Bloomberg.
"Based on the last forecasts I saw, it's still going to start cooling down this weekend and into next week."
- Martin King on Oct 18, 2013