April 18th, 2012

Gasoline futures pared declines after the Energy Department reported inventories declined more than expected last week.

Gasoline futures rebounded from their lows as inventories of gasoline fell 3.67 million barrels to 214 million in the seven days ended April 13. The median estimate of 10 analysts surveyed by Bloomberg News called for a 1.1 million-barrel decrease.

Gasoline futures for May-delivery fell 5.75 cents, or 1.8 percent, to $3.1765 a gallon at 10:36 a.m. on the New York Mercantile Exchange. Prices traded at $3.1622 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories dropped 2.91 million barrels to 129 million. Analysts forecast a 125,000-barrel decrease, according to the survey.

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