US gasoline inventories drop for third consecutive week

07 March 2012 21:23  [Source: ICIS news]

HOUSTON (ICIS)--US gasoline inventories fell by 400,000 bbl, maintaining a slide for the third week in a row, a government report indicated on Wednesday.

Gasoline inventories were down at 229.5m bbl for the week of 2 March, according to the US Energy Information Administration (EIA).

Production slipped to 8.613m bbl/day from 8.784m bbl/day during the week of 24 February, the EIA said.

Last week, ConocoPhillips’ reported flaring on 26 February at its 146,000 bbl/day Borger refinery in Texas as a result of a shutdown and restart of its fluid catalytic cracker (FCC).

In addition, ConocoPhillips' Borger refinery in Texas experienced a process upset on Sunday, causing the shutdown and restart of a gasoline-production unit, the company said in a state regulatory filing on Monday.

The 146,000 bbl/day Borger refinery had flaring as a result of the shutdown and restart of the fluid catalytic cracker, which occurred over seven hours, the producer said in a regulatory filing.

Finished gasoline consumption levels dropped by 101,000 bbl/day to a rate of 8.262m bbl/day, the EIA said. The rate remains below seasonal levels, down 7.8m bbl/day from the same time period in 2011.

US gasoline imports dropped slightly as well, to 576,000 bbl/day from 599,000 bbl/day in the previous week, according to the EIA report.

By: Sheena Martin
+1 713 525 2653

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