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Gasoline Falls After Reports That Tornado Didn’t Reduce Supplies

Gasoline fell the most since May 1 after reports that the deadly tornado near Oklahoma City yesterday didn’t disrupt area refinery operations.

Futures declined as Oklahoma Gas & Electric said it wasn’t aware of any storm-related refinery failures. Phillips 66 said there was no impact at its Ponca City plant and Valero Energy Corp. said the Ardmore refinery was operating normally. Total U.S. gasoline supplies in the week ended May 10 were seasonally the highest in three years, according to Energy Information Administration data. Prices at the pump have jumped 13.4 cents since May 4, ahead of the May 27 U.S. Memorial Day holiday.