Bloomberg News

Gasoline Extends Gains After Report Supplies Declined Last Week

October 05, 2011

Oct. 5 (Bloomberg) -- Gasoline futures extended gains after the Energy Department reported stockpiles declined last week.

Inventories fell 1.14 million barrels to 213.7 million in the week ended Sept. 30, the government said. The median estimate of 15 analysts surveyed by Bloomberg News called for a 1.5 million-barrel increase.

Gasoline for November delivery rose 6.09 cents, or 2.5 percent, to $2.5493 a gallon at 10:32 a.m. on the New York Mercantile Exchange. Prices were $2.5393 before the report’s release at 10:30 a.m. in Washington.

Stockpiles of heating oil and diesel declined 744,000 barrels to 156.9 million in the seven days ended Sept. 30. Analysts forecast a 300,000-barrel decrease, according to the survey.

November-delivery heating oil rose 4.56 cents, or 1.7 percent, to $2.769 a gallon, from $2.7594 before the report.

--Editors: David Marino, Dan Stets

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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