Gasoline futures fell after Murphy Oil Corp said that it expects a unit at its refinery in Meraux, Louisiana, to open later today after being shut by a fire yesterday.
Prices jumped in late trading yesterday after the 32,000 barrel-a-day fluid catalytic cracker at the refinery near New Orleans was closed. Gasoline has dropped by about 5 percent since the Memorial Day Holiday in late May as U.S. inventories stayed above year-ago levels.
``It turns out that the fire at the Murphy refinery wasn't that serious and they've already been able to repair the unit,'' said Marshall Steeves, an energy analyst at Refco Inc. in New York.
Gasoline for July delivery fell 0.61 cent, or 0.8 percent, to 75.09 cents a gallon on the New York Mercantile Exchange. The contract was up 0.3 percent this week. Futures represent wholesale prices.