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Oil rose to a five-week high as a huge drop in U.S. crude inventories bolstered the outlook for demand. Futures in New York climbed 2.7% June 26 after the U.S. Energy Information Administration said domestic stockpiles fell by 12.8 million barrels last week.

The biggest refinery on the East Coast will shut down, after a massive explosion and fire crippled operations at a site that has helped fuel the region for 153 years.

Gasoline futures jumped the most in more than three months after an explosion and fire at the Philadelphia Energy Solutions oil refinery, the largest on the U.S. East Coast and a key supplier to the New York gasoline market.

U.S. refiners are getting stung by President Donald Trump’s reported efforts to keep consumer prices from rising in the run-up to the 2020 election. The Trump administration is seeking to slow the implementation in 2020 of tighter fuel restrictions on the global shipping industry.

Marathon Petroleum Corp. officially closed a $23.3 billion deal Oct. 1 in which it acquired all the outstanding shares of Texas refining company Andeavor.