Aug. 31 (Bloomberg) -- Gasoline futures advanced after the Energy Department reported inventories of the motor fuel fell to the lowest level since May as drivers filled their tanks before Hurricane Irene.
Futures rose as much as 1.3 percent as gasoline stockpiles fell 2.8 million barrels to 208.6 million last week. Imports to the U.S. East Coast declined 28 percent to 591,000 barrels a day, during the week ended Aug. 26 as Hurricane Irene approached the region, department data showed.
"There must've been a rush to inventories in advance of the hurricane," said Sander Cohan, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. "In the last couple weeks, I've seen refiners being careful not to flood the market. They were supplying just enough gasoline to meet demand."
Gasoline for September delivery rose 2.11 cents, or 0.7 percent, to $3.0169 a gallon at 11:54 a.m. on the New York Mercantile Exchange. Futures are heading for a 3.1 percent drop this month and are up 23 percent in 2011.
The more actively traded October futures gained 2.14 cents to $2.8629. September Nymex gasoline and heating oil futures will expire at the end of floor trading today.
Analysts estimated the government report would show a decline of 1.1 million barrels, according to a Bloomberg survey. Demand jumped 2.4 percent from a week earlier to 9.23 million barrels a day before the storm.
API Report
Futures were up earlier after the American Petroleum Institute said yesterday that gasoline stocks fell 3.11 million barrels last week to 210.8 million. Stockpiles of heating oil and diesel increased 276,000 barrels to 153.1 million barrels, according to the API report.
Distillate supplies gained 363,000 barrels to 156.1 million barrels, according to the Energy Department.
Heating oil for September delivery rose 0.68 cent to $3.076 a gallon. October delivery increased 0.43 cent to $3.081. Prices have gained 21 percent this year and are heading for a 0.7 percent drop in August.
Regular gasoline at the pump, averaged nationwide, rose 0.5 cent to $3.617 a gallon yesterday, according to AAA data. It's the ninth consecutive price increase for the fuel.
Source: www.sfgate.com
Futures rose as much as 1.3 percent as gasoline stockpiles fell 2.8 million barrels to 208.6 million last week. Imports to the U.S. East Coast declined 28 percent to 591,000 barrels a day, during the week ended Aug. 26 as Hurricane Irene approached the region, department data showed.
"There must've been a rush to inventories in advance of the hurricane," said Sander Cohan, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. "In the last couple weeks, I've seen refiners being careful not to flood the market. They were supplying just enough gasoline to meet demand."
Gasoline for September delivery rose 2.11 cents, or 0.7 percent, to $3.0169 a gallon at 11:54 a.m. on the New York Mercantile Exchange. Futures are heading for a 3.1 percent drop this month and are up 23 percent in 2011.
The more actively traded October futures gained 2.14 cents to $2.8629. September Nymex gasoline and heating oil futures will expire at the end of floor trading today.
Analysts estimated the government report would show a decline of 1.1 million barrels, according to a Bloomberg survey. Demand jumped 2.4 percent from a week earlier to 9.23 million barrels a day before the storm.
API Report
Futures were up earlier after the American Petroleum Institute said yesterday that gasoline stocks fell 3.11 million barrels last week to 210.8 million. Stockpiles of heating oil and diesel increased 276,000 barrels to 153.1 million barrels, according to the API report.
Distillate supplies gained 363,000 barrels to 156.1 million barrels, according to the Energy Department.
Heating oil for September delivery rose 0.68 cent to $3.076 a gallon. October delivery increased 0.43 cent to $3.081. Prices have gained 21 percent this year and are heading for a 0.7 percent drop in August.
Regular gasoline at the pump, averaged nationwide, rose 0.5 cent to $3.617 a gallon yesterday, according to AAA data. It's the ninth consecutive price increase for the fuel.
Source: www.sfgate.com
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