Bloomberg News

Gasoline Futures Pare Losses as Supplies Rise Less Than Forecast

September 28, 2011

Sept. 28 (Bloomberg) -- Gasoline futures pared losses after the Energy Department reported stockpiles rose less than expected last week.

The government said gasoline inventories gained 791,000 barrels to 214.9 million in the week ended Sept. 23. The median estimate of 15 analysts surveyed by Bloomberg News called for a 1 million-barrel increase.

Gasoline for October delivery fell 1.45 cents, or 0.5 percent, to $2.681 a gallon at 10:37 a.m. on the New York Mercantile Exchange. Prices were $2.6745 before the report’s release at 10:30 a.m. in Washington.

Stockpiles of heating oil and diesel rose 72,000 barrels to 157.7 million in the seven days ended Sept. 23. Analysts forecast a 400,000-barrel decrease, according to the survey.

October-delivery heating oil fell 0.26 cent to $2.874 a gallon, from $2.8776 before the report.

--Editors: David Marino, Bill Banker

To contact the reporter on this story: David Marino in New York at dmarino4@bloomberg.net

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


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