Gasoline Futures Extend Losses to 8-Week Low

Gasoline futures extended losses toward $2.3 per gallon, the lowest in eight weeks amid renewed fuel demand concerns, in particular from China, and after a bigger-than-expected inventory build last week eased concerns about market tightness.

The latest EIA data showed US gasoline stocks rose by 3.058 million barrels in the week ended November 18th, the most since mid-July, compared with market expectations for a smaller 383,000-barrel rise.

The report also showed gasoline production fell by 625 thousand barrels, the first weekly decrease since early October.