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SAN FRANCISCO (MarketWatch) — Crude-oil futures closed higher Tuesday, topping $103 a barrel as gasoline futures climbed 3% on growing concerns that flooding along the Mississippi River will hurt refinery operations.
“Gasoline is spiking higher on low inventories and fears that Mississippi River flooding will have an impact on oil refineries along the river in Louisiana, and this is pulling the rest of the market higher along with it,” said Tim Evans, energy analyst at Citigroup’s Citi Futures Perspective, in emailed comments.
“We expect gasoline stocks to start improving with more refineries back online from maintenance, but this time of year, the market seems to think there won’t be enough gasoline for summer,” he said.