Gasoline Prices Lower

Gasoline futures price settled lower although gasoline stockpiles declined last week and are likely to remain tight for some time.

The federal Energy Information Administration's weekly inventory report showed a 1.1 million barrel drop in gas supplies. Analysts surveyed by Dow Jones Newswires forecast a slightly larger drop of 1.2 million barrels.

Many analysts expected prices to advance after the inventory figures were released because the government's report did little to alter the perception that gas inventories are tight. But gasoline futures for June delivery fell 1.21 cents to settle at $2.2326 in trading on the New York Mercantile Exchange.