Good news on gasoline prices:
Gasoline futures fell to the lowest in almost a month after a U.S. Energy Department report showed a bigger-than-forecast rise in U.S. supplies.
Gasoline stockpiles rose 3.51 million barrels last week to 201.5 million barrels, the report showed. The median of 14 estimates in a Bloomberg News survey of analysts indicated supplies would rise 1.6 million barrels. Stocks rose to the highest since March as gasoline production, imports and refinery usage fell.
Gasoline for July delivery fell 2.53 cents, or 1.2 percent, to $2.182 a gallon at 12:55 p.m. on the New York Mercantile Exchange. The price fell to $2.1615 after the report was released, the lowest since May 8.
By way of comparison, last June 6 NYMEX gasoline futures closed at $2.1788 a gallon. So perhaps with the stockpile issue being taken care of, the separation between gasoline futures and crude oil futures prices that I discussed last week will close.
