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Natural gas futures advanced to the highest settlement price in almost three weeks on forecasts for above-normal temperatures that would boost demand for the power- plant fuel to run air conditioners.
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The European oil price-fixing probe expanded as Neste Oil Oyj, Finland’s only refiner, said it was asked to provide information regarding potential manipulation of global crude and biofuel markets.
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Gasoline rallied a fourth day on speculation that refinery shutdowns will crimp supplies as demand picks up over the May 26 Memorial Day holiday. Crack spreads widened.
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West Texas Intermediate crude was little changed as equities gained on speculation of central-bank stimulus measures after economic reports from the U.S. and Europe missed forecasts.
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Natural gas futures rose to a two- week high in New York on forecasts for a heat wave to spread across the U.S., boosting cooling demand.
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Natural gas rose in New York from the lowest level in more than a month as weather forecasts for Western heat and Northeastern cold spurred speculation that demand will increase.
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Ultra-low-sulfur diesel fell as the dollar gained, reducing the investment appeal of commodities, and as U.S. distillate stockpiles reached a seven-week high.
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West Texas Intermediate crude fell as the dollar strengthened against the euro after the number of Americans filing jobless claims decreased to the lowest level in more than five years.
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Gasoline rose, following West Texas Intermediate crude higher, after an industry report yesterday that oil inventories at the storage hub of Cushing, Oklahoma, declined last week.
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West Texas Intermediate crude fell for the first time in four days before government data that may show U.S. stockpiles rose last week from an 82-year high.