Gasoline rose to the highest level since Oct. 22 after the industry-funded American Petroleum Institute reported supplies of the motor fuel fell last week.
Futures gained as much as 1.5 percent as they advanced for the fourth time in five days. The API reported yesterday that gasoline stockpiles declined 1.67 million barrels. Trading volume for all contracts was 77 percent above the 100-day average at 9:41 a.m. in New York.
Gasoline for December delivery rose 3.67 cents, or 1.4 percent, to $2.6647 a gallon on the New York Mercantile Exchange.
The Energy Information Administration will probably report today that supplies of gasoline fell 900,000 barrels, according to the median estimate of 11 analysts in a survey by Bloomberg. The EIA, the statistical arm of the Energy Department is scheduled to report inventories for the week ended Nov. 8 at 11 a.m. in Washington.
U.S. pump prices, averaged nationwide, rose 0.8 cent to $3.194 a gallon, Heathrow, Florida-based AAA said today on its website. Prices are 24.9 cents below a year ago.
Distillate inventories, including heating oil and diesel, fell 1 million barrels last week, according to the survey. The API reported an increase of 606,000 barrels.
Ultra-low-sulfur diesel for December delivery advanced 0.49 cent to $2.9026 a gallon on trading volume that was 13 percent above the 100-day average.
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