Gasoline futures prices soared Friday on the New York Mercantile amid expectations that a fire at a California refinery will divert supplies away from the Northeast.

Crude, heating oil and natural gas futures also jumped. On other commodity markets, gold slumped, while wheat rose sharply.Gasoline futures rose to the highest level since October after Chevron Corp. reported an explosion and fire had shut down a large gas-making unit.

It was not clear how long the unit near San Francisco would be shut down. But market participants were worried a spate of recent production problems in the West might cause producers to divert gas to that region to secure better profits.

The Northeast would suffer most under that scenario since it relies on gasoline shipped by pipeline from the Gulf Coast to meet consumers' daily driving needs.

The market has grown more sensitive to supply concerns following a decision by major producing nations to further slash output in a bid to boost prices. Mexico recently defaulted on several contracts to U.S. customers in a bid to achieve its goal.

Further supporting gas prices are inventory figures released this week indicating that demand is at record levels even before the peak driving season begins. The American Petroleum Institute also revised downward by 1 million barrels its estimate of weekly gasoline production.

The contract for May delivery of light, sweet crude rose 50 cents to $16.17 a barrel; April heating oil rose 1.29 cents to 42.74 cents a gallon; April unleaded gasoline rose 2.22 cents to 50.63 cents a gallon; April natural gas rose 0.02 cent to $1.855 for each 1,000 cubic feet.

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Gold futures slumped on the New York Mercantile Exchange after Canada's prime minister called on the International Monetary Fund to sell part of its reserves to help poor countries pay their debts.

Jean Chretien joined a growing number of wealthier nations calling for IMF gold sales. Chretien, whose country is the world's fourth-largest producer, suggested that as much as 10 million ounces should be put on the market.

That could seriously depress gold prices, and market participants said the proposal was significant because it likely would hurt Canada's mining industry.

Gold futures prices have been languishing below $300 an ounce for months, depressed by low inflation in the United States and other industrial countries, as well as central bank decisions to sell their holdings.

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