Gasoline Maintains Loss After Energy Department Inventory Report

Gasoline futures maintained an earlier loss after the U.S. Energy Department reported inventories rose less than expected.

Stockpiles of gasoline added 573,000 barrels to 215.1 million in the week ended June 10, the report showed. The median forecast of 14 analysts surveyed by Bloomberg News was for a gain of 1.05 million barrels.

Gasoline demand jumped 2.3 percent to 9.37 million barrels a day. The four-week average increased 0.9 percent to 9.25 million.

Gasoline for July delivery sank 4.36 cents, or 1.4 percent, to $3.021 a gallon at 10:35 a.m. on the New York Mercantile Exchange. The price, which settled yesterday at $3.0646, was $3.02 before the report was released at 10:30 a.m. in Washington.

Supplies of heating oil and diesel fell 105,000 barrels to 140.8 million, the report showed. Demand for distillate fuels sank 5.2 percent to 3.6 million barrels a day, a 5-month low.

Heating oil for July delivery dropped 4.15 cents, or 1.3 percent, to $3.0843 a gallon on the exchange, from $3.0859 before the report’s release.

To contact the reporter on this story: David Marino in New York at dmarino4@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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