He doesn’t care for you in the way you are hoping he does. He isn’t in love with you nor does he see a romantic future with you.
Earlier on in your relationship with him, he considered the possibility of making you a significant other but that was thwarted when he realized that you were most likely falling for him sooner than he felt comfortable.
That is why he stopped getting physical with you. He is worried that you would only get that much more attached to him emotionally if he were to continue getting physical with you.
He still enjoys your company and the conversations that you both share. He doesn’t want to let that go. But he does know that spending time with you at night in a one on one situation is asking for trouble. That is why he turned down your offer to hang out tonight.
He just worries that putting himself in situations where he is too physically close to you will only cause you to expect something more in terms of getting more physical with each other and he doesn’t want to put himself in that position.
As of now, he has decided to regard you as a friend and nothing more.