Gasoline Maintains Gain as Supplies Slide to Lowest Since 2008
Gasoline futures maintained a gain after the Energy Department reported stockpiles sank to the lowest level since November 2008.
Gasoline supplies fell 2.33 million barrels to 198.9 million in the seven days ended Aug. 31, according to department data. The median estimate of 12 analysts surveyed by Bloomberg called for a 3 million-barrel decrease.
October-delivery gasoline rose 6.09 cents, or 2.1 percent, to $3.0107 a gallon at 11:05 a.m. on the New York Mercantile Exchange. Prices were $3.0095 before the report’s release at 11 a.m. in Washington.
The government said heating oil and diesel inventories rose 993,000 barrels to 127.1 million in the week ended Aug. 31. Analysts forecast a 1.55 million-barrel decrease, according to the survey.
Heating oil for October delivery gained 3.93 cents, or 1.3 percent, to $3.1569 a gallon, from $3.1563 before the report.
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