US gasoline hits record, crude up over $3

US gasoline futures hit a record price and crude futures extended gains to more than $3 after the US government released the latest domestic petroleum inventories data for last week. On the New York Mercantile Exchange, April RBOB gasoline rose as high as $2.7752 a gallon, gaining 9.50 cents, or 3.5 percent, and erasing the previous record of $2.7435 hit on March 11.
NYMEX May crude jumped as high as $104.95, rising $3.73 or 3.69 percent while April heating oil hit $3.0327 a gallon, up 10.79 cents or 3.69 percent. The US Energy Information Administration said US gasoline stocks fell for the second straight week, by 3,3 million barrels, to 229.2 million barrels, while crude supplies were unchanged at 311.8 million barrels. US distillate stocks fell for the seventh consecutive week, by 2.2 million barrels to 111.3 million barrels, the lowest level since the week of June 10, 2005.