West Texas Intermediate crude fell for a second day as purchases of new U.S. homes missed forecasts, raising concern that fuel demand may slow in the world’s leading consumer of oil.
Natural gas futures retreated from a two-week high in New York as government data may show the first stockpile gain this year.
Natural gas futures fell after a government report showed that U.S. stockpiles dropped by less than forecast last week.
Natural gas futures tumbled in New York, heading for the biggest weekly decline since June, after a government report showed an unexpected gain in U.S. stockpiles as mild weather reduced demand.
West Texas Intermediate crude surged the most in five weeks as U.S. gasoline demand rose to the highest level since July, trimming fuel inventories.
Natural gas futures in New York climbed the most in two weeks after a government report showed U.S. stockpiles fell more than expected last week.
Natural gas futures rose for a second day in New York on forecasts of below-normal temperatures that may boost demand for the heating fuel.
Natural-gas futures will drop next week on speculation that a government report will show the biggest inventory increase in 11 months while moderating weather cuts fuel demand, a Bloomberg survey showed.