Gasoline prices down …
Gasoline prices have fallen to a five-month low, but Independence Day pump prices still will be the third highest recorded on the holiday, AAA says. The nationwide average price for a gallon of regular has fallen for 21 consecutive days, hitting $3.48 on Wednesday, because refineries are producing fuel at high levels, and stockpiles are up 10 percent from a year ago, AAA said.
In Missouri, the average price for regular was $3.26; in Kansas, $3.38.
… But oil tops $100
Crude oil surged, with West Texas Intermediate surpassing $100 a barrel for the first time in nine months, as the government reported that U.S. crude stockpiles declined for the first time in four weeks. Futures contracts for August delivery of the benchmark oil gained $1.97, or 2 percent, to $101.57 a barrel at 10:34 a.m. on the New York Mercantile Exchange. The contract closed at $101.30.
There will be no floor trading Thursday in the Nymex because of the Independence Day holiday. Any electronic trades will be booked for Friday.