Gasoline futures slipped after U.S. inventories of the motor fuel rose a second straight week.
Prices fell as much as 0.6 percent. Gasoline supplies increased 1.61 million barrels to 213.2 million, the largest build since the week ended Jan. 17, according to Energy Information Administration data. Production jumped 4.3 percent. Futures rose the most in four weeks yesterday after West Texas Intermediate crude jumped above $100 a barrel.
“It’s giving back its gains from yesterday on the back of increased supply and production,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
June-delivery gasoline dropped 0.86 cent, or 0.3 percent, to $2.9096 a gallon at 10:03 a.m. on the New York Mercantile Exchange. Volume was 63 percent above the 100-day average.
The average U.S. pump price fell 0.1 cent to $3.665 a gallon, according to data from Heathrow, Florida-based AAA today. Prices are 12.6 cents higher than a year ago.
Ultra low sulfur diesel for June delivery fell 0.91 cent, or 0.3 percent, to $2.9184 a gallon on volume that was 48 percent below the 100-day average.
To contact the reporter on this story: Barbara Powell in Houston at firstname.lastname@example.org