Bloomberg News

Gasoline Futures Gains on Stockpiles Declined for Fourth Week

August 22, 2012

Gasoline futures rose after the Energy Department reported stockpiles declined for a fourth consecutive week.

Gasoline supplies fell 962,000 barrels to 202.7 million in the seven days ended Aug. 17, according to department data. The median estimate of 12 analysts surveyed by Bloomberg called for a 1.35 million-barrel decrease.

September-delivery gasoline rose 0.69 cent to $3.0721 a gallon at 10:35 a.m. on the New York Mercantile Exchange. Prices were $3.0675 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories rose 992,000 barrels to 125.2 million in the week ended Aug. 17. Analysts forecast a 1 million-barrel decrease, according to the survey.

Heating oil for September delivery fell 0.6 cent to $3.1183 a gallon, from $3.1231 before the report.

To contact the reporters 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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