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.
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.
Gasoline futures reached the highest price in a month after an industry group reported that U.S. inventories of the motor fuel declined.
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.
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.
Gasoline futures advanced from a one- month low amid speculation that U.S. demand for the motor fuel will rise.
Gasoline futures rose to a one-week high amid speculation that demand will increase leading into the U.S. Memorial Day holiday.
The average price for regular gasoline at U.S. pumps fell 3.49 cents in the past two weeks to $3.6876 a gallon, according to Lundberg Survey Inc.