15 February 2012 17:52 [Source: ICIS news]
HOUSTON (ICIS)--US inventories of finished motor gasoline increased for the third straight week, according to government statistics released on Wednesday.
Finished gasoline stockpiles jumped by 400,000 bbl to reach 232.2m bbl for the week ended 10 February, according to the US Energy Information Administration (EIA). Finished gasoline inventories have made steady gains for the past three weeks. Since 20 January, inventories have risen by 5.1m bbl.
Consumption of finished motor gasoline increased by 128,000 bbl/day to reach 8.167m bbl/day for the week ended 10 February.
The increase in consumption was not enough to counter the even higher motor gasoline inventories. Moreover, on a year-on-year basis, consumption was down 643,000 bbl/day, according to the EIA.
Higher refinery utilisation, and accordingly, an increase in refinery production, contributed to the increase in stockpiles.
Motor gasoline production was at 8.669m bbl/day for the week ended 10 February, an increase of 186,000 bbl/day from the week ended 3 February.
For that same week, refinery utilisation rose by 1.8 percentage points, reaching 84%.
Finished gasoline refers to the stage of gasoline in the supply chain where it has reached primary sources, such as blenders and terminals, before delivery to the retail stations.
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