Crude Oil Futures Falter

During the spring "elbow" months in 2006, refiners were upgrading their plants to meet new rules for the chemical makeup of gasoline. This required that the spring maintenance periods at refineries be extended, sending gasoline prices higher.

U.S. refineries are now finished refitting their facilities to handle the newer fuel composites, Williams wrote in an email. Thus, traders who are expecting that gasoline prices will move higher during the coming months may be relying on outlier years in their data, which would artificially expand margins between gasoline and crude prices.

Energy stocks were broadly lower. The CBOE Oil Index was down 1.8% to 608.62.

DTE Energy (DTE Quote) was upgraded by Keybanc Capital Markets from hold to buy and its price target was raised to $52. Still, shares of DTE closed 10 cents lower at $46.67.

Natural gas transport company CrossTex Energy Inc.(XTXI Quote) was downgraded by RBC Capital Markets from outperform to sector perform. Its stock price fell nearly 7% to $30.09.

Sister firm CrossTex Energy LP (XTEX Quote) was also downgraded. Its stock was down almost 4% to $34.10.