U.S. authorities are planning inspection flights over the Houston Ship Channel, home to 11 percent of the nation’s refining capacity, as the waterway remains closed for a fourth day.
Gasoline futures traded near an eight-month high after a report that inventories fell last week.
U.S. gasoline pump prices are poised to reach their lowest level this year as supply expands to a two-decade seasonal high and winter curbs demand.
Gasoline futures reached the highest price in a month after an industry group reported that U.S. inventories of the motor fuel declined.
The expansion in stockpiles of U.S. gasoline as refineries returned from maintenance and imports accelerated spurred speculators to cut wagers on rising prices by the most in more than three months.
U.S. consumers are paying the most in six months for gasoline because of declining supplies and rising costs for the ethanol added to the fuel. Prices probably will keep climbing, the largest U.S. motoring group said.
Ultra-low-sulfur diesel slid as crude tumbled after the government reported that oil inventories grew the most in a year last week.
Gasoline gained the most in two months after a report that inventories fell and demand jumped to the highest since August as retailers prepared for July 4 holiday drivers.