Gasoline’s Unusual Summer Stockpile Surge Weighs on Oil

Gasoline inventories are moving in the wrong direction this summer, rising the most in the first two weeks of June since 2001. The U.S. is hoarding more than 242 million barrels of gasoline, the highest for this time of year in weekly data going back to 1990. The surge in stockpiles sent gasoline futures on the New York Mercantile Exchange plunging to the lowest since late November at $1.4294 a gallon and pulled crude oil below $45 a barrel.—With Michael Roschnotti

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