Gasoline Extends Decline After Report Inventories Rose Last Week

Gasoline futures extended declines after the Energy Department reported stockpiles rose last week to the highest level in almost nine months.

The government said gasoline inventories gained 3.82 million barrels to 218.8 million in the week ended Dec. 9. The median estimate of 12 analysts surveyed by Bloomberg News called for a 1.2 million-barrel increase.

Gasoline for January delivery fell 7.82 cents, or 3 percent, to $2.5472 a gallon at 10:34 a.m. on the New York Mercantile Exchange. Prices were $2.5584 before the report’s release at 10:30 a.m. in Washington.

Stockpiles of heating oil and diesel rose 480,000 barrels to 141.5 million in the seven days ended Dec. 9. Analysts forecast a 1 million-barrel increase, according to the survey.

January-delivery heating oil were down 5.05 cents, or 1.7 percent, to $2.8783 a gallon, from $2.8703 before the report.

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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