West Texas Intermediate crude dropped the most in two months and Brent oil decreased after a government report showed that U.S. inventories advanced for a seventh week.
Natural gas fell to a six-week low in New York on speculation that demand will lessen as winter nears an end.
Diesel futures rose as snow and another winter storm heads from the U.S. Midwest into the Northeast, increasing demand for heating fuel.
Natural gas futures slipped from a five-year high in New York after a government report showed an inventory decline that was less than analysts predicted.
Natural gas futures declined in New York on speculation that demand for the heating fuel will ease as a cold spell dissipates later this month.
West Texas Intermediate crude dropped for a second day after manufacturing gauges in China and the U.S. declined, signaling reduced fuel demand.
Natural gas fell for a third day in New York as forecasts for milder U.S. weather signaled reduced demand for the heating fuel.
Natural gas futures jumped to the highest price in almost four weeks as a winter storm bringing heavy snow and frigid weather to the East Coast stoked demand for the heating fuel.
Oil may plunge by $20 a barrel if tensions ease in Libya and Middle Eastern countries, Stephen Schork , president of the Schork Group Inc., a consulting firm in Villanova, Pennsylvania, said on Bloomberg Television’s “Inside Track.”
"We're been seeing a transfer of barrels from Cushing to the Gulf Coast since the southern link of the Keystone began operating a few weeks ago."
- Stephen Schork on Mar 05, 2014
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