Destructive overnight storms in Texas and more Ukrainian drone attacks on Russian refineries helped to send gasoline and diesel futures modestly higher at midday Friday.

Still, the news-driven gains were enough to convince some that the market may have found some support.

Global traders have become somewhat accustomed to reports of drone strikes against Russia, but multiple attacks overnight suggest Ukraine's campaign targeting Russian energy infrastructure will continue, despite U.S. concerns over their impact on global energy prices.

Just what effect the attacks have had on Russian refined products' output isn't clear, but the prospect of more attacks on millions of dollars of refining capacity could affect the supply and demand balance.

The violent weather that swept through the Houston area overnight affected some refinery operations. Last summer's recovery in gasoline prices was tied to heat-related refinery issues and weather remains a wildcard for the market.

Still, buyers appeared reluctant to chase higher offers in Friday trading. The NYMEX June RBOB was up by 2.25cts to $2.5603/gal near midday and U.S. spot gasoline markets were mixed. The issues with Gulf Coast refiners helped push spot market prices up by about 3cts/gal with smaller increases reported in the Midwest, East Coast and California.

Gains in diesel futures outpaced those for gasoline and the increases could be tied to the expected loss of some Russian exports. The NYMEX June ULSD contract was 3.82cts higher at $2.4819/gal and cash markets were all up by 3.75-4cts/gal.

Refined products outperformed crude and that could be tied to the worries about reduced Russian refinery runs that could put more crude on the global market.

The July Brent contract was up by 32cts at $82.59/bbl, while the NYMEX June West Texas Intermediate contract was 34cts higher at $79.57/bbl.

Trends for renewable fuels continue to deteriorate. The value of California Low Carbon Fuel Standard credits was reported Friday morning at only $40-$41/ton, paring the credit value for renewable diesel to 20%-25% of what it fetched five years ago.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Tom Kloza,; Editing by Jeff Barber,

(END) Dow Jones Newswires

05-17-24 1240ET