Gasoline Pares Gains on Report East Coast Stockpiles Increased
Gasoline futures pared gains after the Energy Department reported inventories along the U.S. East Coast rose last week.
The government said stockpiles in Padd 1, which includes New York and New Jersey, where Hurricane Sandy struck Oct. 29, shutting refineries and terminals, climbed 1 million barrels to 46.1 million in the week ended Nov. 16. Total U.S. supplies fell 1.55 million barrels to 200.4 million. The median estimate of 11 analysts surveyed by Bloomberg was for a 1 million-barrel gain.
Gasoline for December delivery rose 2.83 cents, or 1 percent, to $2.7408 a gallon at 10:34 a.m. on the New York Mercantile Exchange. Prices were $2.7511 before the report’s release at 10:30 a.m. in Washington.
Distillate supplies, which include heating oil and diesel, sank 2.68 million barrels to 112.8 million in the seven days ended Nov. 16, according to department data. Analysts estimated a 1 million-barrel decrease, according to the survey.
December-delivery heating oil gained 4.23 cents, or 1.4 percent, to $3.0815 a gallon, from $3.0801 before the report.
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