A larger than expected drop in gasoline stocks has the petroleum market moving higher today, as traders continue to debate weak demand vs supply tightening caused by OPEC production cuts.
Prices were up across the board today, after the government said gasoline supplies fell by 3.4 million barrels in the latest week. Traders expected the weekly petroleum inventory report to show stocks down 100,000, although the American Petroleum Institute's Tuesday predicted a fall of almost 900,000 barrels.
Gasoline futures shot up as much as nine cents a gallon in response to the report, which also showed crude oil inventories up only 700,000 barrels, half the expected increase.
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