23 November 2011 17:39 [Source: ICIS news]
HOUSTON (ICIS)--US motor gasoline inventories continued to grow, as production rates rose despite falling demand, with a gain of 4.5m bbl for the week of 18 November, the US Energy Information Administration (EIA) reported on Wednesday.
Stockpiles were at 209.6m bbl for the week of 18 November, compared with 205.2m bbl the week of 11 November.
The main driver for higher inventories was the climb in production rates. Production jumped by 2.7% for the week of 18 November to 9.256m bbl/day, from 9.016m bbl/day the week of 11 November.
Demand for motor gasoline slipped slightly to 8.592m bbl/day from 8.625m bbl/day the week of 11 November. For the four weeks ended 18 November, average demand was 8.602m bbl/day, 4% lower than the same four-week period in 2010 that saw daily demand at 8.963m bbl/day.
The rising production rates has been attributed to growing demand for diesel. When production for diesel is increased, refiners also are increasing gasoline production.
On a daily average, production continued to outpace demand, with an excess of 664,000 bbl/day of motor gasoline.
For the week of 11 November, production outpaced demand by 391,000 bbl/day.
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