Andy Lipow News
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Gasoline slid to a three-month low on concern that Europe’s debt crisis will worsen, curbing fuel use, after Greece failed to form a new coalition government and German Chancellor Angela Merkel’s party lost a key election.
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The premium for Light Louisiana Sweet crude narrowed to a 14-week low as sweet oil from the reversed Seaway pipeline was offered on the Gulf Coast.
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Gasoline slid a second day on concern that global fuel demand will fall after China’s industrial growth slowed and Greece struggled to form a new government.
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Low-sulfur oil delivered from the soon-to-be reversed Seaway pipeline is being offered in the U.S. Gulf Coast for June delivery.
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Gasoline fluctuated as a fire shut a crude unit at Sunoco Inc.’s Philadelphia refinery and after an industry-funded report yesterday that U.S. crude supplies climbed to the highest level since 1990.
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Gasoline slid for a seventh straight day as concern that the European debt crisis may spread boosted the dollar and crude oil fell as supplies increased.
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Gasoline slid below $3 a gallon for the first time since February as slower-than-estimated U.S. job growth and signs of contraction in Europe raised concern that global fuel demand will decline.
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Gasoline capped the first monthly drop since November as reports showing weakness in Europe’s economy added to concern that global demand will slow.
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Gasoline at the pump slipped below year-earlier levels for the first time since October 2009, according to data from AAA, the largest U.S. motoring club.
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U.S. Gulf Coast crude premiums fell for a third day against the benchmark West Texas Intermediate after the Energy Department said the region’s oil inventories rose to a seven-month high and refineries used less of the fuel.
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