June 24 (Bloomberg) -- Crude oil and gasoline fell after a government report showed that fuel supplies climbed more than forecast as refineries increased operating rates. Gasoline inventories rose 3.87 million barrels to 208.9 million last week. Stockpiles were forecast to increase by 1 million barrels, according to a Bloomberg News survey. Refineries operated at the highest rates this year and fuel demand fell 5.5 percent, the biggest drop since January.
“The refineries are definitely ramping it up, which is reflected in the product builds we’ve had in recent weeks,” said Justin Fohsz, a broker at Starsupply Petroleum, a division of GFI Group Inc. in Englewood, New Jersey. “The increase in fuel supplies is going to weigh on the crude oil market.”
Crude oil for August delivery fell 57 cents, or 0.8 percent, to settle at $68.67 a barrel at 2:45 p.m. on the New York Mercantile Exchange. Futures, up 54 percent this year, have declined 6.2 percent from a seven-month high of $73.23 reached on June 11.
Gasoline for July delivery dropped 5.07 cents, or 2.7 percent, to end the session at $1.8425 a gallon in New York. It was the lowest settlement since May 22.
Supplies of distillate fuel, a category that includes heating oil and diesel, rose 2.08 million barrels to 152.1 million, the highest since January 1999. A 850,000-barrel gain was forecast, according to the median of 15 analysts surveyed.
Diesel stockpiles increased 2.18 million barrels to 111.6 million, the highest since at least 1993. more...
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