Energy Futures Pause After PlungeOil prices retreated after jumping to a new record Wednesday on the U.S. government's report of a steep drop in crude inventories and surge in refinery activity, according to the Associated Press.

Crude prices initially rose after the Energy Department's Energy Information Administration reported that oil inventories fell by 6.5 million barrels last week, far more than expected. But gas futures fell on word that refiners ramped up their operations much quicker than expected.

Light, sweet crude for September delivery fell $1.68 to settle at $76.53 a barrel on the New York Mercantile Exchange after rising as high as $78.77 earlier. That surpasses the previous intraday record of $78.40, set in July 2006.