Gasoline futures fluctuated after the U.S. Energy Department reported that crude-oil inventories increased more than three times as much as expected and gasoline stockpiles fell.
Stockpiles of crude oil gained 6.16 million barrels to 363.1 million, the department said. Analysts had expected a gain of 1.7 million barrels. Stockpiles of gasoline fell 2.51 million barrels to 205.6 million, the report showed. The median forecast of 14 analysts surveyed by Bloomberg News was for a decline of one million barrels.
Gasoline demand gained 0.9% to 9.15 million barrels a day. The four-week average rose 0.8% to 9.06 million.
Gasoline for May delivery rose 0.71 cents to $3.3643 U.S. a gallon Wednesday morning on the New York Mercantile Exchange. The price, which settled yesterday at $3.3572 U.S., was $3.3577 U.S. before the report was released at 10:30 a.m. ET in Washington.
