By Barbara Powell April 15 (Bloomberg) -- Gasoline fell for the first time in four days as first-time claims for jobless benefits unexpectedly jumped last week and a stronger dollar weakened commodities’ investment appeal. Gasoline fell as the Labor Department reported that initial jobless claims rose by 24,000 to 484,000 in the week ended April 10, the highest level since Feb. 20, and threatening demand for the motor fuel. The dollar rose 0.6 percent versus the euro at 3:04 p.m. on concern that a proposed Greek bailout package will be inadequate. “The headwind there is the unemployment figure because people who are out of work don’t drive,” said James Cordier, portfolio manager at OptionSellers.com in Tampa, Florida. “And the stronger dollar is holding back the market.” Gasoline for May delivery dropped 0.65 cent, or 0.3 percent, to settle at $2.3262 a gallon on the New York Mercantile Exchange, after touching $2.3415. The premium of gasoline over heating oil narrowed to 7.39 cents. That’s down from 18.37 cents on March 8. Futures rose earlier as Federal Reserve figures showed output at factories climbed 0.9 percent after a revised 0.2 percent increase in February. Gasoline reached a one-week high yesterday after the Energy Department reported that gasoline and crude oil stockpiles fell last week and demand for the motor fuel jumped. “The economic news was mixed,” said Phil Flynn, vice president of research at PFGBest in Chicago. “The manufacturing report would seem to indicate strong energy demand but the jobs numbers were bad.” Gasoline Inventories Inventories of the motor fuel fell to the lowest level since Jan. 1 last week. Gasoline demand, as measured by what’s supplied to the wholesale market, jumped to 9.33 million barrels a day, the highest level since Aug. 28, and averaged over the past four weeks was 2.8 percent above a year earlier. The crack spread, or the difference between gasoline and crude oil, based on May contracts, widened about 6 cents to cents to $12.19 a barrel. Regular gasoline at the pump, averaged nationwide, rose 0.1 cent to $2.858 a gallon, AAA, the nation’s biggest motoring organization, said today on its Web site. Heating oil for May delivery rose 1.02 cents, or 0.5 percent, to settle at $2.2523 a gallon on the exchange. The heating oil crack spread, based on May contracts, widened about 76 cents to $9.09 a barrel. To contact the reporter on this story: Barbara Powell in Dallas at bpowell4@bloomberg.net.

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