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U.S. Gasoline Inches Higher to $3.3875/Gallon in Lundberg Survey

Oct. 7 (Bloomberg) -- The average price for regular gasoline at U.S. filling stations rose 0.37 cent in the past two weeks to $3.3875 a gallon, according to Lundberg Survey Inc.

The survey covers the period ended Oct. 5 and is based on information obtained from about 2,500 stations by the Camarillo, California-based company.

Prices at the pump rose as West Texas Intermediate crude on the New York Mercantile Exchange fell $3.01, or 3.2 percent, to $89.88 a barrel in the two weeks to Sept. 21. Oil, which has declined for three consecutive weeks, has risen 16 percent from the 2012 low of $77.69 on June 28.

Gasoline futures on the Nymex rose 1 cent to $2.9525 a gallon in the past two weeks. Prices have gained 16 percent from the year-to-date low of $2.5501 on June 21.

Crude inventories fell 482,000 barrels in the week ended Sept. 28 to 364.7 million barrels, according to Energy Department data. Stockpiles are 8.4 percent higher than a year earlier.

Gasoline stockpiles rose 114,000 barrels during the same period to 195.9 million barrels, the first increase in 10 weeks. The prior week, inventories sank to the lowest level since October 2008.

Oil may decline next week as U.S. crude production increases and as global economic weakness reduces fuel consumption, a Bloomberg survey showed.

Twenty-one of 38 analysts, or 55 percent, forecast crude will decrease through Oct. 12. Thirteen respondents, or 34 percent, predicted that futures will gain and four said there will be little change in prices. Last week, 47 percent of analysts projected a drop.

To contact the reporters on this story: Barbara J. Powell in Dallas at bpowell4@bloomberg.net; Mark Shenk in New York at mshenk1@bloomberg.net.

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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