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Gasoline Maintains Decline as Inventories Fall for Eighth Week

Sept. 19 (Bloomberg) -- Gasoline futures maintained a decline after the Energy Department reported inventories fell for the eighth straight time last week.

Supplies of the motor fuel sank 1.41 million barrels to 196.3 million in the seven days ended Sept. 14, according to department data. The median estimate of 9 analysts surveyed by Bloomberg called for a 1 million-barrel increase.

October-delivery gasoline fell 5.97 cents, or 2.1 percent, to $2.8393 a gallon at 10:35 a.m. on the New York Mercantile Exchange. Prices were $2.8387 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories fell 322,000 barrels to 128.2 million in the week ended Sept. 14. Analysts forecast a 1 million-barrel increase, according to the survey.

Heating oil for October delivery sank 7.21 cents, or 2.3 percent, to $3.055 a gallon, from $3.0662 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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