June 10 (Bloomberg) -- Crude oil rose to a seven-month high and gasoline futures climbed above $2 a gallon for the first time since October after a government report showed that U.S. crude and fuel supplies unexpectedly fell. Stockpiles of oil dropped 4.38 million barrels to 361.6 million in the week ended June 5, the Energy Department said today. Analysts surveyed by Bloomberg News said supplies would rise by 100,000 barrels. Gasoline inventories slipped for a seventh week.
“This was an incredibly bullish report,” said Mike Zarembski, senior commodity analyst at OptionsXpress Holdings Inc. in Chicago. “There were big drops in both crude oil and gasoline, falling imports and increased gasoline demand.”
Crude oil for July delivery rose $1.32, or 1.9 percent, to $71.33 a barrel at 2:44 p.m. on the New York Mercantile Exchange, the highest settlement since Oct. 20. Prices are up 60 percent this year.
Gasoline for July delivery rose 4.86 cents, or 2.5 percent, to $2.0153 a gallon in New York, the highest close since Oct. 9.
Pump prices are climbing along with futures. Regular retail gasoline, averaged nationwide, rose to $2.627 a gallon, the highest since October, AAA, the nation’s biggest motoring organization, said today on its Web site. Prices have jumped 28 percent since April 28, the last day there was a decline.
Stockpiles of gasoline fell 1.55 million barrels to 201.6 million, the report showed. A 750,000-barrel increase was forecast, according to the median of 14 estimates by analysts surveyed before today’s report. more...
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