Bloomberg News

Gasoline Reverses Gain as Inventories Rise More Than Forecast

October 24, 2012

Gasoline futures fell, reversing an earlier gain, after the Energy Department reported inventories climbed more than forecast last week.

The government said inventories grew 1.44 million barrels to 198.6 million in the week ended Oct. 19. The median estimate of 11 analysts surveyed by Bloomberg was for a 500,000-barrel increase.

Gasoline for November delivery fell 0.35 cent to $2.6015 a gallon at 10:39 a.m. on the New York Mercantile Exchange. Prices were $2.6144 before the report’s release at 10:30 a.m. in Washington.

Distillate supplies fell 646,000 barrels to 118 million in the seven days ended Oct. 19, according to department data. Analysts estimated a 1.2 million-barrel decrease, according to the survey.

November-delivery heating oil fell 0.79 cent, or 0.3 percent, to $3.0355 a gallon, from $3.0524 before the report.

To contact the reporters on this story: David Marino in New York at dmarino4@bloomberg.net; Barbara J Powell in Dallas at bpowell4@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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