21 December 2011 18:30 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline inventories dropped by 0.4m bbl for the week of 16 December from the prior week, the US Energy Information Administration (EIA) reported on Wednesday.
The drop in motor gasoline stockpiles followed a two-week gain for inventories, which totalled 9.0 m bbl. For the week of 25 November, gasoline inventories were at 209.8m bbl. For the week of 16 December, inventories were 218.4m bbl, compared with 218.8m bbl the prior week, according to the EIA's report.
Demand for finished gasoline moved higher by 214,000 bbl/day, reaching 8.879m bbl/day. Production for the week of 16 December slipped by 61,000 bbl/day for total motor gasoline production of 9.247m bbl/day.
Gasoline spot market sources said refiners increased production of gasoline ahead of the holiday driving season at a greater pace than demand for gasoline is expected to increase. This has caused the gain in gasoline inventory for December, sources said.
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