Speculators’ decision to raise bullish bets on U.S. natural gas was rewarded with a rally to the highest price since February.
Copper futures, trading little changed, were poised to decline for the first time in three sessions as gains in the dollar reduced the metal’s appeal as an alternative investment.
Brent crude climbed to a six-week high on the escalating Ukraine crisis. West Texas Intermediate traded near $104 a barrel after a government report showed that U.S. inventories surged last week.
A drop in OPEC production came just as refineries began looking for supply, helping boost bullish speculative bets on crude last week by the most since July.
Natural gas fell for a second day in New York on speculation that stockpiling may accelerate as milder weather reduces fuel use.
West Texas Intermediate crude rose to a one-month high on speculation that inventories at Cushing, Oklahoma, the delivery point for the contract, dropped for a 10th week. Brent gained.
West Texas Intermediate and Brent crudes dropped as the U.S. and Russia agreed to the need for a diplomatic solution to tensions over Ukraine.
West Texas Intermediate crude advanced to the highest level in more than two weeks after supplies at Cushing, Oklahoma, the delivery point for the contract, reached a two-year low. Brent gained in London.
West Texas Intermediate crude tumbled to a one-month low on speculation that a government report will show that U.S. stockpiles rose last week. Brent advanced in London.
West Texas Intermediate crude rose for a second day after U.S. employers added more workers than projected in February, bolstering optimism about the economy. The WTI-Brent spread narrowed.
"We've had a push up in the dollar and that caused a negative price action."
- Tim Evans on Apr 21, 2014
Citi Futures’ Evans Discusses Energy Markets
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