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.
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.
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.
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.
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.
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.
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.
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.
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.
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.