Thursday, October 25, 2012

Gasoline Losing Streak Hits Longest in 26 Years on Supply

Gasoline fell for a 10th consecutive day, extending a losing streak to the longest since the start of New York futures trading in 1986, as fuel supplies surged to the highest level in almost two months.

Futures slipped after the Energy Department reported stockpiles rose 1.44 million barrels to 198.6 million, the highest level since Aug. 31. The median forecast by 11 analysts surveyed by Bloomberg called for an increase of 500,000 barrels. The fuel is down 22 percent this month as refineries, including Delta Air Lines Inc. (DAL)’s Trainer plant, started units.

“We’ve seen the restart of the Trainer refinery and restart of a number of other units that could supply the East Coast, so the supply situation has improved,” Andy Lipow, president of Lipow Oil Associates LLC, an energy consulting firm in Houston, Texas, said by phone. “In conjunction with the supply improvement, this is the time of year we expect this type of pressure on gasoline.” (more)

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