Marathon to Shut Third-Largest US Oil Refinery After Fire

Marathon Petroleum Corp. is in the process of shutting the third-largest oil refinery in the U.S. after a blaze at a storage tank.

The fire that broke out at the Garyville refinery in south Louisiana early Aug. 25 is contained but ongoing, and residents within a 2 mile-radius were initially evacuated, according to Marathon spokespeople. That order was later lifted.

Diesel rose 5% while gasoline futures jumped about 4%. The outage threatens to deplete already below-average distillates stockpiles at a time when U.S. demand for the fuel is set to rise going into the harvest and heating seasons.