Gasoline Fluctuates on Durable Goods Report, Stockpile Increase
Gasoline fluctuated as U.S. durable goods orders rose in May and on a report stockpiles of the motor fuel rose last week.
Futures swung between gains and losses as bookings for durable goods rose 1.1 percent, the Commerce Department said. The industry-funded American Petroleum Institute said yesterday that gasoline supplies climbed 373,000 barrels last week and the Energy Department’s Energy Information Administration is expected to report this morning a 1-million barrel increase, the median of 12 estimates in a Bloomberg News survey.
July-delivery gasoline fell 0.47 cent to $2.6404 a gallon at 9:45 a.m. on the New York Mercantile Exchange, after swinging between $2.6565 and $2.625.
The department is scheduled to report last week’s inventories at 10:30 a.m. today in Washington. Heating oil and diesel stockpiles climbed 1.23 million barrels last week, according to the survey, while refinery utilization was unchanged at 91.9 percent.
Heating oil for July delivery rose 0.93 cent, or 0.4 percent, to $2.5858, after touching $2.5545.
Regular gasoline at the pump, averaged nationwide, fell 1.4 cents to $3.383 a gallon yesterday, according to AAA. It was the lowest level since Jan. 25.
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