Gasoline Extends Gain as Stockpiles Increase Less Than Expected
Gasoline futures extended a gain after the Energy Department reported stockpiles rose less than forecast last week.
Gasoline supplies rose 151,000 barrels to 205 million in the seven days ended June 29, according to department data. The median estimate of 9 analysts surveyed by Bloomberg called for a 1 million-barrel increase.
August-delivery gasoline gained 5.37 cents, or 2 percent, to $2.7766 a gallon at 11:05 a.m. on the New York Mercantile Exchange. Prices were $2.7438 before the report’s release at 10:30 a.m. in Washington.
The government said heating oil and diesel inventories fell 1.05 million barrels to 117.8 million in the week ended June 29. Analysts forecast a 1 million-barrel increase, according to the survey.
Heating oil for July delivery rose 2.01 cents, or 0.7 percent, to $2.7786 a gallon, from $2.7518 before the report.
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