Gasoline Slips in New York After U.S. Supplies Increase

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.

Gasoline’s crack spread versus WTI crude increased 10 cents to $21.89 a barrel. The motor fuel’s premium to Brent crude fell 4 cents to $14.39.

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.

Diesel’s crack spread versus WTI crude widened 1 cent to $22.20 a barrel. The motor fuel’s premium to Brent crude declined 17 cents to $14.66.

To contact the reporter on this story: Barbara Powell in Houston at bpowell4@bloomberg.net

To contact the editors responsible for this story: Dan Stets at dstets@bloomberg.net David Marino, Charlotte Porter

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.