Nov. 22 (Bloomberg) -- Gasoline rose for a second straight day on speculation that demand will rise over the U.S. Thanksgiving holiday weekend.
Futures gained as much as 2 percent as AAA projected that travel during the four-day period that begins Nov. 24 will be 4 percent higher than in 2010.
“Gasoline is up based on the expectation that the Thanksgiving holiday will increase demand, which is a reversal of a trend we’ve seen over the last 12 months where gasoline demand has been falling,” said Andy Lipow, president of Lipow Oil Associates LLC, a Houston-based consulting company.
Gasoline for December delivery advanced 4.81 cents, or 1.9 percent, to $2.5371 a gallon at 9:43 a.m. on the New York Mercantile Exchange.
Gasoline and crude oil also gained as the World Bank said that China’s gross domestic product will rise 8.4 percent next year. Crude oil for January delivery increased $1.39, or 1.4 percent, to $98.31 on the exchange.
“One of the pillars of support for energy prices is rising growth in the Far East,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.
December-delivery heating oil rose 0.47 cent to $2.999 a gallon on the exchange.
Regular gasoline at the pump, averaged nationwide, fell 1.1 cents to $3.34 a gallon yesterday, according to AAA data.
--With assistance from Shamim Adam in Singapore. Editors: Dan Stets, Charlotte Porter
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