US gasoline stocks fall by 1.5m bbl - EIA

29 October 2008 20:21  [Source: ICIS news]

HOUSTON (ICIS news)--US domestic gasoline inventories dropped by 1.5m bbl during the week ended 24 October, the Energy Information Administration (EIA) said on Wednesday.

Domestic gasoline stocks were at 195m bbl, down from 196.5m bbl the week before.

Traders were surprised by the decline, having anticipated a 1m bbl build.

The release of the weekly petroleum statistics subsequently boosted prices for reformulated gasoline blendstock for oxygenate blending (RBOB) on the NYMEX.

By the end of the trading day, the gasoline benchmark for November delivery settled at $1.5330/gal, up 7.75 cents from Tuesday.

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By: Steven McGinn
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