May 1 (Bloomberg) -- Gasoline fell to a four-week low, following crude, as inventories rose and the Chinese economy grew more slowly than expected.
Futures dropped 0.9 percent. Gasoline supplies climbed by 1.56 million barrels last week, the first increase since Feb. 14, according to the Energy Information Administration. Crude inventories reached the highest level since the EIA began reporting weekly data in 1982. China’s manufacturing grew less than economists estimated in April, a report today showed.
“There’s pressure from crude, there’s weakness in the economic stats,” Carl Larry, president of Oil Outlooks & Opinions LLC, said by phone from Houston. “People are always quick to sell. They think twice about the buying side.”
June-delivery gasoline slid 2.56 cents $2.9388 a gallon on the New York Mercantile Exchange, the lowest settlement since April 7. Volume was 35 percent above the 100-day average.
The average U.S. pump price fell 0.4 cent to $3.687 a gallon, according to data from Heathrow, Florida-based AAA today. Prices are 16.5 cents higher than a year ago.
Gasoline’s crack spread versus WTI crude slipped 76 cents to $24.01 a barrel. The motor fuel’s premium to Brent crude fell 77 cents to $15.67.
Ultra low sulfur diesel for June delivery declined 1.41 cents, or 0.5 percent, to $2.914 a gallon on volume that was 24 percent below the 100-day average.
Diesel’s crack spread versus WTI narrowed 27 cents to $22.97 a barrel. The premium to Brent slipped 28 cents to $14.63.