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Gasoline Maintains Gain After Report Supplies Declined Last Week

Feb. 29 (Bloomberg) -- Gasoline futures maintained gains after the Energy Department reported stockpiles fell last week.

The government said inventories of gasoline declined 1.6 million barrels to 229.9 million in the seven days ended Feb. 24. The median estimate of 10 analysts surveyed by Bloomberg News called for a 425,000-barrel decrease.

March-delivery gasoline gained 2.44 cents, or 0.8 percent, to $3.0645 a gallon at 10:35 a.m. on the New York Mercantile Exchange. Prices were $3.0603 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories fell 2.07 million barrels to 141.4 million in the week ended Feb. 24. Analysts forecast a 750,000-barrel decrease, according to the survey.

Heating oil for March delivery rose 0.67 cent to $3.2305 a gallon, from $3.228 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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