Citi Investment Research analyst Faisel Khan says the EIA report shows low refinery utilization has reduced inventories of gasoline, “but with crude rally continuing, refining stocks remain under pressure.”
Most refiners’ shares fell in afternoon trading. Holly Corp. lost 56 cents at $40.36. Valero Energy Corp. gave up 24 cents at $44.36, and Tesoro Corp. dropped [...]

Crude oil inventories fell by 4.6 million barrels last week to 302.2 million barrels — 13.5 percent below year-ago levels, the Energy Department’s Energy Information Administration (EIA) said in its weekly report.
Analysts expected a draw of only 1.4 million barrels, accorgding to a survey by Platts, the energy research arm of McGraw-Hill Cos.
Gasoline inventories rose [...]

Gasoline demand at the pump last week was down 3.8 percent compared with the same week last year, according to a survey by MasterCard SpendingPulse. It is the seventh consecutive week of year-over- year decline in weekly demand.
The survey finds average retail prices for a gallon of regular gasoline increased 0.8 percent last week, up [...]

The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world.
In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more [...]

Oil prices ended lower, giving up an earlier advance as the dollar held its gains against the euro and the Energy Department slashed its oil consumption projections. Retail gasoline prices rose to a new record over $4.04 a gallon.
Light, sweet crude for July delivery fell $3.04 to settle at $131.31 a barrel on the New [...]

Gasoline prices continued to rise above a national average of $4 a gallon, but oil futures retreated after Treasury Secretary Henry Paulson said he will not rule out intervention to stabilize the dollar — boosting the greenback against the euro — and Saudi Arabia said it will call for a meeting to discuss crude-oil prices.
Light, [...]

Oil prices shot up more than $10 to a new record above $139 after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply.
The meteoric surge built on a price jump Thursday and capped oil’s biggest two-day gain in the [...]

Oil prices rose back above $128 a barrel after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates. At the pump, meanwhile, gas prices rose to a new record near $3.99, and are likely to hit $4 soon.
Light, sweet crude for July delivery [...]

Oil prices fell to the $122 level, after the Energy Department said fuel inventories rose more than expected, indicating slowing demand.
Light, sweet crude for July delivery fell $2.01 to settle at $122.30 barrel on the New York Mercantile Exchange. Earlier it dropped as low as $121.84. It was oil’s lowest settlement since May 6. July [...]

Magellan Midstream Partners shut down a fuel distribution terminal in Kansas City, Kan., while a fire apparently started by a lightning strike last night still burns in an aboveground storage tank.
The tank, which can hold 145,000 barrels, held about 28,000 barrels of unleaded gas when the fire started. The blaze is under control and no [...]