08 February 2012 19:06 [Source: ICIS news]
HOUSTON (ICIS)--US inventories of finished motor gasoline increased for the second week while consumption had minimal gains for the week ended 3 February, as indicated by government statistics released on Wednesday.
Finished gasoline stockpiles rose by 1.7m bbl to reach 231.8m bbl for the week ended 3 February, according to the US Energy Information Administration (EIA). Inventories reported the previous week on 1 February showed an increase of 3m bbl for the week ended 27 January.
Meanwhile, consumption of finished motor gasoline increased by 21,000 bbl/day to reach 8.039m bbl/day after EIA reported revised data for consumption for the week ended 27 January.
Consumption levels were previously reported at 7.967m bbl/day for the week ended 27 January, but data released on Wednesday showed a revision of consumption at 8.018m bbl/day. There was no stated reason in the EIA data for the revision.
The increase in consumption, however, was not large enough to offset the gains in inventories as it continued to remain low. Consumption was down for the week ended 3 February by 485,000 bbl/day from the week ended 3 February, 2011.
An increase in motor gasoline production also contributed to the higher gasoline stockpiles.
Motor gasoline production was higher at 8.626m bbl/day for the week ended 3 February, an increase of 64,000 bbl/day from the week ended 27 January.
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