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Gasoline Futures Rise on Lower U.S. Supplies

IN BRIEF / ENERGY

May 23, 2002|Bloomberg News

Gasoline futures rose more than 2% after an industry report showed a drop in U.S. inventories as service stations stocked up for the Memorial Day holiday.

Supplies last week fell 0.5% to 215.4million barrels, the American Petroleum Institute reported. Demand for gasoline was at its second-highest level this year.

"If this demand keeps up, we could be set up for a squeeze this summer," said Craig Gile, an energy derivatives broker at Citibank in New York.

Gasoline for June delivery rose as much as 1.66 cents, or 2.1%, to 80.1 cents a gallon on the New York Mercantile Exchange. Prices were down 28% from a year ago. Futures represent wholesale prices.

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