16 November 2011 23:33 [Source: ICIS news]
HOUSTON (ICIS)--US motor gasoline stockpiles climbed by 1.0m bbl during the week of 11 November on a sharp rise in production and refinery utilisation coupled with a slight dip in demand and exports, the US Energy Information Administration (EIA) reported on Wednesday.
US motor gasoline stockpiles were added to the week of 11 November with a build of 1m bbl from the previous week to reach 205.2m bbl, according to the EIA. Inventories were near the top of the average range for this time of year, but 2.5% lower than the same time in 2010.
Motor gasoline production shot higher last week by 317,000 bbl/day at 9.016m bbl/day. This was the primary driver for the increase in gasoline stockpiles. The nationwide average refinery utilisation was at 84.8%, up 2.2 percentage points from the prior week.
Analyst Phil Flynn with PFGBest said refiners would increase production rates to boost distillate production. Distillate supplies have been tight amid strong demand, he said. The increase in refinery utilisation also increased gasoline inventories, although gasoline demand has been unseasonably low.
Demand for motor gasoline was moderately lower at 8.625m bbl/day, down by 46,000 bbl/day from the prior week, according to the EIA. Demand for the four weeks beginning 15 October averaged 8.579m bbl/day, 5.7% lower than the same four-week period in 2010.
Exports for motor gasoline fell to 529,000 bbl/day for the week of 11 November.
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