U.S. Midcontinent diesel fuel dropped to the lowest level on record after stockpiles rose amid low demand. Crack spreads rose.
Crude call-option volatility fell as West Texas Intermediate futures traded in a narrow range for a second day.
Ethanol increased a fourth time this week on record low stockpiles and signs of higher demand.
West Texas Intermediate crude capped the biggest weekly advance since July as the U.S. jobless rate dropped to a five-year low, bolstering the outlook for economic growth in the world’s biggest fuel-consuming nation.
Rigs targeting oil and natural gas in the U.S. increased by 12 this week to 1,775, a three-month high, according to Baker Hughes Inc.
A frigid winter storm iced power lines and runways across the U.S. South, grounding flights and knocking out electricity to thousands of customers.
Gasoline rose for the first time in three days after the U.S. jobless rate fell to a five-year low, signaling a boost in demand for the motor fuel.
West Texas Intermediate oil was little changed following its longest rally in 3 1/2 months before data expected to show an increase in U.S. employment.
Liquefied natural gas from Russia’s Yamal plant, built on pylons driven into northern Siberia’s permafrost, will reach Europe just as global output is predicted to expand by a record amount.
Natural gas futures climbed for a second day in New York after a government report yesterday showed a record November stockpile decline and as forecasts point to colder temperatures.