Gas, oil prices off on government report |
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Wed, 02 May 2007 16:14
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NEW YORK (AP) - Gasoline futures prices fell Wednesday morning after a government report showed a smaller than expected drop in gasoline stockpiles and a slight increase in refinery utilization.The Energy Department's Energy Information Administration's weekly inventory report showed a 1.1 million barrel decline in gasoline supplies last week. Analysts surveyed by Dow Jones Newswires had expected a slightly larger slide of 1.2 million barrels.Gasoline futures for June delivery tumbled 3.77 cents immediately after the report, to $2.2070 in trading on the New York Mercantile Exchange. Gas prices have soared in the futures market and at the pump in recent weeks amid concerns that supplies will be tight going into the summer, when demand typically surges.Refinery utilitzation edged up 0.5 percentage point to 88.3 percent from 87.8 percent last week. Analysts expected an increase of 0.8 percentage point.Crude oil stocks rose by 1.1 million barrels last week, in line with expectations. Distillate fuel inventories, which include heating oil and diesel, fell by 200,000 barrels, countering analyst expectations of a 210,000-barrel increase.Light, sweet crude for June delivery fell 80 cents to $63.60 a barrel on the Nymex, adding to a $1.31-a-barrel drop Tuesday. Brent crude for June fell 60 cents to $66.40 a barrel on the ICE Futures exchange in London.Heating oil futures dropped 1.98 cents to $1.8631 a gallon on the Nymex, while natural gas prices rose 3 cents to $7.748 per 1,000 cubic feet.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Gas prices rise for 6th straight week 