Gasoline rose to a nine-month high as first-time jobless claims matched a four-year low from two weeks ago, and as crude oil rose after the U.S. escalated warnings to Iran about its nuclear program.
A government report tomorrow will probably show a below-normal decline in U.S. gas stockpiles as unusually mild weather east of the Rocky Mountains crimped demand for the furnace fuel, analyst estimates compiled by Bloomberg show.
Warren Buffett, who bought about $2 billion in bonds of power company Energy Future Holdings Corp., said the investment is at risk of losing all its value after natural gas prices fell.
Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.
Gasoline futures rose to the highest level since July as stockpiles fell unexpectedly last week and as crude oil rallied following a report that Iran tripled its uranium production rate.
Oil climbed this week as gasoline jumped to the highest level since August and amid signs Greece is near an agreement with its creditors.
Crude oil may fall to an eight-month low of $66 a barrel in New York when the June contract in New York expires tomorrow, according to Cameron Hanover Inc.
Oil may extend its decline below $80 a barrel after prices dropped out of a “consolidation range” on technical charts, according to Cameron Hanover Inc.
Oil will remain below $84 a barrel in New York this week because of chart resistance marked by a Bollinger Band, according to Cameron Hanover Inc.
"In the last 20 years, rampant price fluctuations have forced everyone buying, selling or using oil to reconsider the way they do business."
- Peter Beutel on Mar 09, 2012