July 1 (Bloomberg) -- Crude oil and gasoline fell after a U.S. government report showed that fuel supplies in the world’s biggest energy-consuming country rose more than forecast.
Gasoline stockpiles increased 2.33 million barrels to 211.2 million in the week ended June 26, the Energy Department said. Inventories were estimated to rise by 2 million barrels, according to a Bloomberg News survey. Stockpiles of distillate fuel, a category that includes diesel and heating oil, gained 2.9 million barrels to 155 million, the highest since 1987.
“Supply and consumption remain really bad,” said Bill O’Grady, the chief markets strategist at St. Louis-based Confluence Investment Management LLC, an investment advisory and management firm. “It’s hard to make a bullish case for anything.”
Crude oil for August delivery fell 58 cents, or 0.8 percent, to settle at $69.31 a barrel at 2:42 p.m. on the New York Mercantile Exchange. Prices are up 55 percent this year. Futures were up as much as $1.96, or 2.8 percent, to $71.85 before the department released its weekly supply report at 10:30 a.m. in Washington.
“The market’s rally was overextended early today and when we got the bigger-than-expected gains in gasoline and distillate,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The product gains are a sign that demand for fuel isn’t improving.”
Gasoline for August delivery declined 4.3 cents, or 2.3 percent, to end the session at $1.859 a gallon in New York. more...
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