Bloomberg News

Gasoline Extends Loss After Stockpiles Gain More Than Expected

November 23, 2011

Nov. 23 (Bloomberg) -- Gasoline futures extended losses after the U.S. Energy Department reported inventories gained more than expected.

Stockpiles of gasoline rose 4.48 million barrels to 209.6 million, the report showed. The median forecast of 13 analysts surveyed by Bloomberg News was for an increase of 1 million barrels.

Gasoline demand fell 0.4 percent to 8.59 million barrels a day. The four-week average rose 0.3 percent to 8.6 million.

Gasoline for December delivery fell 5.68 cents, or 2.2 percent, to $2.505 a gallon at 10:50 a.m. on the New York Mercantile Exchange. The price, which settled yesterday at $2.5618, was $2.5134 before the report was released at 10:30 a.m. in Washington.

--Editors: Richard Stubbe, Charlotte Porter

-0- Nov/23/2011 15:52 GMT

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net -0- Nov/23/2011 15:18 GMT


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