23 May 2012 16:36 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline stockpiles and consumption both dropped for the week ended 18 May, according to a government report released on Wednesday.
Inventories of US gasoline continued their decline, falling by 3.3m bbl to 201.0m bbl for the week ended 18 May, according to the US Energy Information Administration (EIA). Stockpiles have been steadily decreasing since the week ended 10 February when they were at more than 232.0m bbl.
Consumption of finished gasoline also fell for the week ended 18 May, dropping by 338,000 bbl/day to 8.633m bbl/day, according to the EIA. Gasoline consumption had been rising each week since late April.
Finished gasoline refers to the stage in the supply chain where it has reached primary sources, such as blenders and terminals, before delivery to the retail stations.
Unlike inventories and consumption, production of motor gasoline rose in the week ended 18 May at 9.007m bbl/day, up from 8.888m bbl/day the prior week.
Furthermore, refinery utilisation dropped by 0.2 percentage points to 88.1% for the week ended 18 May. This was the first time utilisation dropped since the week ended 6 April. For that week, refinery utilisation was at 83.8%.
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