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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