Crude: +4.7 (vs. +0.2 fcst)
Gasoline: -1.2 (vs. +1.3 fcst)
Distillates: -1.0 (vs. -1.1 fcst)
NEW YORK, Feb 2 (Reuters) - U.S. crude oil futures surged to settle 3.76 percent higher on Tuesday, fueled by encouraging economic data, the weak dollar and technical strength that sparked traders to cover short positions.
Refined products futures were strong as a refinery fire in Canada shut a gasoline-making unit, adding to the lift already provided by the approaching refinery maintenance season.
"You have to look at this in context not just of energy and commodities but also the equity markets, gold, and the euro, all those markets were oversold technically and due for a rebound and it happened on the same day," said Addison Armstrong, director of market research at Tradition Energy inStamford, Connecticut.
"This is a massive, severe, short covering rally off a double bottom," said Stephen Schork, editor of the industry newsletter The Schork Report in Villanova, Pennsylvania.
Refined products futures were strong as a refinery fire in Canada shut a gasoline-making unit, adding to the lift already provided by the approaching refinery maintenance season.
"You have to look at this in context not just of energy and commodities but also the equity markets, gold, and the euro, all those markets were oversold technically and due for a rebound and it happened on the same day," said Addison Armstrong, director of market research at Tradition Energy inStamford, Connecticut.
"This is a massive, severe, short covering rally off a double bottom," said Stephen Schork, editor of the industry newsletter The Schork Report in Villanova, Pennsylvania.