Gasoline Extends Gain After Report East Coast Supplies Fell
Gasoline futures extended a gain after the Energy Department reported U.S. East Coast inventories dropped last week to the lowest level since 2008.
The government said supplies in the Padd 1 region fell 1.54 million barrels to 45.1 million in the week ended Nov. 9. Total U.S. stockpiles slipped 440,000 barrels to 201.9 million. The median estimate of 10 analysts surveyed by Bloomberg was for a 1 million-barrel decline.
Gasoline for December delivery rose 2.55 cents, or 1 percent, to $2.7045 a gallon at 11:06 a.m. on the New York Mercantile Exchange. Prices were $2.6879 before the report’s release at 11 a.m. in Washington. The report was issued a day later because of the Nov. 12 Veterans Day holiday.
Distillate supplies, which include heating oil and diesel, dropped 2.54 million barrels to 115.5 million in the seven days ended Nov. 9, according to department data. Analysts estimated a 950,000-barrel decrease, according to the survey.
December-delivery heating oil rose 1.31 cents, or 0.4 percent, to $3.0013 a gallon, from $2.9965 before the report.
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