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Heating Oil Extends Gains as Inventories Fall to Three-Month Low

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Oct. 11 (Bloomberg) -- Heating oil futures extended gains after the Energy Department reported distillate supplies fell more than expected last week to a three-month low.

The government said heating oil and diesel inventories declined 3.18 million barrels to 120.9 million in the week ended Oct. 5. The median estimate of 11 analysts surveyed by Bloomberg was for a 1 million-barrel decrease.

Heating oil for November delivery rose 4.75 cents, or 1.5 percent, to $3.2605 a gallon at 11:04 a.m. on the New York Mercantile Exchange. Prices were $3.2553 before the report’s release at 11 a.m. in Washington.

Gasoline supplies fell 534,000 barrels to 195.4 million in the seven days ended Oct. 5, according to department data. Analysts estimated a 250,000-barrel increase, according to the survey.

November-delivery gasoline rose 0.94 cent, or 0.3 percent, to $2.9687 a gallon, from $3.962 before the report.

To contact the reporters on this story: David Marino in New York at dmarino4@bloomberg.net; Barbara J Powell in Dallas at bpowell4@bloomberg.net

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