Gasoline Fluctuates After Energy Department Inventory Report
Gasoline futures fluctuated after the U.S. Energy Department reported that crude-oil inventories increased more than three times as much as expected and gasoline stockpiles fell.
Stockpiles of crude oil gained 6.16 million barrels to 363.1 million, the department said. Analysts had expected a gain of 1.7 million barrels. Stockpiles of gasoline fell 2.51 million barrels to 205.6 million, the report showed. The median forecast of 14 analysts surveyed by Bloomberg News was for a decline of 1 million barrels.
Gasoline demand gained 0.9 percent to 9.15 million barrels a day. The four-week average rose 0.8 percent to 9.06 million.
Gasoline for May delivery rose 0.71 cent to $3.3643 a gallon at 10:33 a.m. on the New York Mercantile Exchange. The price, which settled yesterday at $3.3572, was $3.3577 before the report was released at 10:30 a.m. in Washington.
To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
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