June 4th, 2012

Gasoline futures rose, reversing an earlier loss, as the dollar fell against the euro after European leaders agreed to discuss more cooperation among banks using the European benchmark currency.

Gasoline futures advanced as a weaker dollar boosted the investment appeal of commodities. The euro was up 0.6 percent against the U.S. benchmark after German Chancellor Angela Merkel said systemic banks may need supervision at the European level as the European Union weighs possible steps toward “political union.”

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May 29th, 2012

Gasoline futures rose on the possibility that Petroplus Holdings AG will shut its 175,000-barrel-a-day Coryton oil refinery in the U.K., reducing European exports to the U.S.

Unleaded gas futures gained after Steven Pearson, a partner at PricewaterhouseCoopers LLP, Petroplus’s U.K. administrator, said by phone today from the site in southeast England that crude supply at the plant will run out sometime next week. Coryton would be the sixth European refinery to stop production since the start of 2011.

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May 23rd, 2012

Gasoline Futures – California-blend gasoline in Los Angeles jumped to the highest level against futures in five days after workers at a Tesoro Corp. (TSO) refinery rejected a contract and West Coast gasoline inventories dropped last week.

United Steelworkers members at the Golden Eagle plant, Tesoro’s largest refinery, voted to reject the company’s last offer May 21 and to “initiate” a strike based on unfair labor practice, leaving it to union leaders to decide when a work stoppage would actually occur. A strike hasn’t begun and Tesoro hasn’t received notice from the union that it plans to strike, said Tina Barbee, a company spokeswoman.

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April 30th, 2012

Unleaded gasoline capped the first monthly drop since November as reports showing weakness in Europe’s economy added to concern that global demand will slow.

Gasoline futures fell with crude, which declined for the first time in seven days, after Spain’s gross domestic product dropped in the first quarter and Italy’s inflation remained at a six-month high. The euro weakened against the dollar, reducing the appeal of commodities as an investment alternative.

“Gasoline is being dragged down by crude oil prices,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. “There’s quite a bit of concern about Spain and Italy. The anticipation is that the economies there will slow and reduce oil demand.”

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