Gasoline fell after the Energy Department said stockpiles increased last week more than analysts forecast.
Prices slipped after inventories of the motor fuel rose 1.72 million barrels to 197.1 million in the seven days ended Oct. 12. Supplies were expected to climb 500,000 barrels, according to the median estimate of nine analysts surveyed by Bloomberg.
“The inventory built far more than the market had expected,” Andy Lipow, president of Houston-based Lipow Oil Associates LLC, said by phone. “And not only that, the production of gasoline rebounded this week from low levels last week as refiners are returning from both scheduled and unscheduled maintenance activities.”
Gasoline for November delivery fell 5.35 cents, or 1.9 percent, to $2.7918 a gallon at 10:36 a.m. on the New York Mercantile Exchange.
Inventories of distillates, including heating oil and diesel, fell 2.22 million barrels to 118.7 million last week, more than the expected decline of 1.5 million barrels, according to survey.
November-delivery heating oil fell 2.2 cents, or 0.7 percent, to $3.1765 a gallon on the exchange.
Regular gasoline at the pump, averaged nationwide, slipped 1.7 cents to $3.756 a gallon yesterday, according to AAA, the nation’s largest motoring organization.
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