Gasoline fluctuated after a report that inventories declined last week and as the dollar gained versus the euro, reducing the appeal of commodities.
Futures swung between gains and losses as a bailout of Cyprus and political deadlock in Italy weakened the euro. The industry-funded American Petroleum Institute reported that gasoline stockpiles fell 2.03 million barrels last week while crude supplies rose 3.74 million barrels. The government will report on inventories today. Marathon Petroleum Corp. idled its Canton, Ohio, refinery for 30 days of planned work.
“The market is nervous over Europe and the bigger-than- expected build in crude from the API,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “It got a little bit of a pop off Marathon Canton and now it’s waiting on the EIA report and headlines out of Europe about the stability of the banks.”
Gasoline for April delivery rose 0.06 cent to $3.1112 a gallon at 9:54 a.m. on the New York Mercantile Exchange, after swinging between $3.1068 and $3.1307. Trading volume was 15 percent below the 100-day average for the time of day.
The euro dropped as much as 0.8 percent against the dollar to a four-month low.
The EIA will probably say that gasoline supplies fell 1 million barrels last week, inventories of distillates declined 850,000 barrels and crude stockpiles rose 1.33 million, according to the median of 12 analyst estimates compiled by Bloomberg. The report is scheduled to be released at 10:30 a.m. in Washington.
Heating oil for April delivery rose 0.01 cent to $2.8814 a gallon on volume that was 38 percent below the 100-day average.
Gasoline at the pump, averaged nationwide, fell 0.8 cent to $3.65 a gallon, AAA said today on its website. Prices have dropped for the past seven days and are 24.8 cents below a year ago.
To contact the reporter on this story: Barbara Powell in Dallas at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com