Nymex Gasoline Plunges as U.S. Supplies Surge to 17-Month High

[swag]

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aYUGjfz.nUsg&refer=home

Aug. 4 (Bloomberg) -- Gasoline futures plunged after U.S. reserves of the fuel unexpectedly increased, reaching a 17-month high and signaling ample supplies for the remainder of summer.

The nation's gasoline inventories rose 2.4 million barrels last week to 210.1 million barrels, the highest since February 2003, the U.S. Energy Department said. Analysts expected a decline of 500,000 barrels, based on the median estimate in a Bloomberg survey.

``Inventories are just fine,'' said Kyle Cooper, an analyst with Citigroup Inc. in Houston. ``It looks increasingly likely that there will be no supply disruptions'' during the summer driving season.

Gasoline for September delivery was down 7.06 cents, or 5.5 percent, to $1.216 a gallon at 2:01 p.m. on the New York Mercantile Exchange. A close at that price would be the lowest since June 30. The contract was trading around $1.268 when the report was released at 10:30 a.m. in Washington.


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[Terran]

1. Riiiight...

"Inventories are juuuuuust fiiiiine." Nothing to worry about. Go buy that Lexus SUV and have a ball!

[wuushew]

2. Bandar Bush?

n/t