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Gasoline Pares Gain After Report Supply Fell Less Than Forecast

Gasoline futures reduced gains after the Energy Department reported stockpiles fell less than forecast last week.

The government said inventories of gasoline dropped 396,000 barrels to 229.5 million in the seven days ended March 2. The median estimate of 10 analysts surveyed by Bloomberg News called for a 1.6 million-barrel decrease.

April-delivery gasoline rose 1.97 cents, or 0.6 percent, to $3.2496 a gallon at 10:35 a.m. on the New York Mercantile Exchange. Prices were $3.2534 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories fell 1.94 million barrels to 139.5 million in the week ended March 7. Analysts forecast a 1.65 million-barrel decrease, according to the survey.

Heating oil for April delivery rose 0.14 cent to $3.1896 a gallon, from $3.183 before the report.

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