NYMEX gasoline jumps on lower inventories

30 July 2008 22:03  [Source: ICIS news]

HOUSTON (ICIS news)--August reformulated gasoline blendstock for oxygen blending (RBOB) contract prices on the NYMEX jumped by 4.2% on Wednesday, following a larger-than-forecast drawdown in domestic gasoline inventories.

The August RBOB contract settled at $3.1351/gal, up 12.74 cents from $3.0077/gal on Tuesday. The September contract, set to roll over on Friday, closed at $3.1399/gal, up 12.67 cents from Tuesday.

The US Energy Information Administration (EIA) said in its weekly report that domestic inventories were at 213.6m bbl for the week ended 25 July, down 3.5m bbl from the previous week.

Despite the jump in RBOB futures, the US average retail price for regular gasoline continued to slip, dropping 10.9 cents to 395.5 cents/gal this week, according to the EIA.

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By: Steven McGinn
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