US gasoline futures jump in response to stock draw

12 May 2010 22:02  [Source: ICIS news]

HOUSTON (ICIS news)--US gasoline stocks drew an unexpected 2.8m bbl last week, sending front-month reformulated gasoline blendstock for oxygenate blending (RBOB) prices up on Wednesday.

According to the US Energy Information Adminstration (EIA), total domestic gasoline stocks fell to 222.1m bbl during the week ended 7 May. Market analysts expected an increase of 700,000 bbl.

On the NYMEX, June RBOB jumped 1.52 cents to close at $2.2104/gal. Larger gains were held in check by receding crude oil prices, which drifted lower in response to the EIA statistics showing a greater-than-expected build in domestic crude oil inventories.

Total US crude stocks stood at 362.5m bbl last week, up 1.9m bbl from the previous week.

June WTI closed at $75.65/bbl, down $0.72 from Tuesday.

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By: Steven McGinn
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