BLBG: Gasoline Extends Gains as Stockpiles Decline Unexpectedly
By Richard Stubbe
Nov. 4 (Bloomberg) -- Gasoline futures extended their gains in New York after a U.S. Energy Department report showed stockpiles decreased unexpectedly last week.
Inventories of gasoline fell 287,000 barrels, or 0.1 percent, to 208.3 million, the report showed. Analysts surveyed by Bloomberg had predicted a gain of 400,000 barrels.
Refinery use rates fell 1.2 percentage points to 80.6 percent. Analysts surveyed by Bloomberg had predicted a gain of 0.1 percentage point.
Gasoline demand was 9.02 million barrels a day, up from 8.86 million the previous week.
Gasoline for December delivery rose 2.76 cents, or 1.4 percent, to $2.028 a gallon at 10:32 a.m. on the New York Mercantile Exchange. The price, which settled yesterday at $2.0004, rose to $2.0087 before the report was released at 10:30 a.m. in Washington.
Regular gasoline at the pump, averaged nationwide, dropped 0.2 cent yesterday to $2.684 a gallon, AAA, the nation’s biggest motoring organization, said today on its Web site.