16 September 2009 21:51 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX front-month gasoline futures jumped 3.3% on Wednesday on the back of higher crude oil values and on news of a smaller-than-expected increase in US gasoline stocks last week.
The October reformulated blendstock for oxygenate blending (RBOB) futures contract closed at $1.8483/gal, up 5.91 cents from Tuesday.
RBOB for November delivery settled at $1.8501/gal, up 5.74 cents.
According to the US Energy Information Administration (EIA), total domestic gasoline inventories rose 500,000 bbl during the week ended 11 September, less than the build of around 700,000 bbl that traders had been expecting.
That put total US gasoline stockpiles at 207.7m bbl, up 7.2% from 193.8m bbl a year earlier.
US gasoline demand averaged 9.217m bbl/day over the latest four-week period, up 3.5% from 8.907m bbl/day a year earlier, the EIA said.
Gasoline demand in 2008 was crimped by high prices. Average retail fuel prices for regular-grade gasoline stood at $2.556/gal as of Wednesday, down by 34% from $3.854/gal a year ago, according to automotive group AAA.
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