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Gasoline Little Changed After Report Shows Inventory Decline

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May 16 (Bloomberg) -- Gasoline futures were little changed after the Energy Department reported stockpiles of the motor fuel declined last week.

Gasoline supplies sank 2.8 million barrels to 204.3 million in the seven days ended May 11, according to department data. The median estimate of 12 analysts surveyed by Bloomberg called for a 100,000-barrel decrease.

June-delivery gasoline slipped 0.11 cent to $2.943 a gallon at 10:36 a.m. on the New York Mercantile Exchange. Prices were $2.9417 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories fell 969,000 barrels to 119.8 million in the week ended May 11. Analysts forecast a 150,000-barrel increase, according to the survey.

Heating oil for June delivery dropped 0.39 cent to $2.9291 a gallon, from $2.9316 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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