Gasoline Extends Decline After Report Inventories Rose Last Week
Gasoline futures extended a decline after the Energy Department reported inventories rose last week the most since July.
The government said U.S. stockpiles rose 3.87 million barrels to 204.3 million in the week ended Nov. 23. The median estimate of 11 analysts surveyed by Bloomberg was for a 900,000- barrel gain.
Gasoline for December delivery fell 4.16 cents, or 1.5 percent, to $2.6905 a gallon at 10:32 a.m. on the New York Mercantile Exchange. Prices were $2.699 before the report’s release at 10:30 a.m. in Washington.
Distillate supplies, which include heating oil and diesel, declined 800,000 barrels to 112 million in the seven days ended Nov. 23, according to department data. Analysts estimated a 500,000-barrel increase, according to the survey.
December-delivery heating oil fell 2.37 cents, or 0.8 percent, to $2.9857 a gallon, from $2.9833 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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