Unleaded Gas Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Unleaded Gas Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Unleaded Gasoline Futures Rise To Record After Inventories Decline April 23rd, 2008Gasoline futures rose to a record after a government report showed that inventories fell more than expected last week. Supplies dropped 3.18 million barrels, or 1.5 percent, to 212.6 million barrels, the Energy Department report showed. Gasoline demand dropped 1.3 percent to 9.22 million barrels a day. Analyst estimated supplies would fall 2 million barrels, according to median of 16 estimates in a Bloomberg News survey. ``The inventories dropped,'' said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut. ``It's kind of a hard to read report. Demand was down. It still shows the nervousness of the market.'' Gasoline for May delivery rose 3.43 cents, or 1.1 percent, to a record settlement of $3.0507 gallon at 2:44 p.m. on the New York Mercantile Exchange. The futures touched an all-time high $3.0544 a gallon. Refinery utilization, a measure of production, rose 4.2 percentage points to 85.6 percent of U.S. capacity, the highest since Feb. 29. ``The increase in runs will quickly start to translate to the production of more refined products and thus a likely end to the weekly declines,'' said Dominick Chirichella, senior partner of Energy Management Institute in New York. Inventories were 3.4 percent above the five-year average, according to the Energy Department. Regular, self-serve gasoline at the pump rose 2.2 cents to a record average $3.533 a gallon, AAA said today on its Web site. The price has risen 24 percent in the past year. Heating oil for May delivery rose 0.81 cent to settle at $3.325 a gallon in New York. Prices reached a record $3.35 a gallon during trading yesterday. - Jordan Burke in New York at Bloomberg. Click here for your Free Unleaded Gas Futures Trading eGuide |
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