Gasoline Pares Decline After Inventories Fall More Than Expected
Gasoline futures pared declines after the Energy Department reported inventories declined more than expected last week.
Futures rebounded from their lows as inventories of gasoline fell 3.67 million barrels to 214 million in the seven days ended April 13. The median estimate of 10 analysts surveyed by Bloomberg News called for a 1.1 million-barrel decrease.
May-delivery gasoline fell 5.75 cents, or 1.8 percent, to $3.1765 a gallon at 10:36 a.m. on the New York Mercantile Exchange. Prices traded at $3.1622 before the report’s release at 10:30 a.m. in Washington.
The government said heating oil and diesel inventories dropped 2.91 million barrels to 129 million. Analysts forecast a 125,000-barrel decrease, according to the survey.
Heating oil for May delivery fell 1.29 cents, or 0.4 percent, to $3.1137 a gallon. The price was $3.1063 before the report was released.
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