U.S. Gasoline Supplies Low for Peak Season
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Reduced supply from U.S. refineries has cut deep into national gasoline supplies ahead of the peak summer driving season, government figures showed Wednesday.
Gasoline supplies fell 3.3 million barrels in the week ended Friday to 193 million barrels, according to the U.S. Energy Information Administration.
National inventories are at their lowest for this time of year in at least 17 years, said American Petroleum Institute statistician Ron Planting. The five-year average for end-of-March gasoline stocks is 206 million barrels, he said.
Reflecting supply concerns, unleaded gasoline futures in New York rose to a five-month high Wednesday, up 3.98 cents to 97.15 cents a gallon.
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