06 June 2012 16:39 [Source: ICIS news]
HOUSTON (ICIS)--US gasoline consumption dropped nearly 300,000 bbl/day as stockpiles moved higher for the week ended 1 June, government energy data indicated on Wednesday.
Consumption of finished gasoline the week ended 1 June fell to 8.648m bbl/day, down from 8.931m bbl/day the prior week, according to the US Energy Information Administration (EIA). The week ended 25 May had consumption up nearly 300,000 bbl/day.
Consumption remained 5.2% lower than the cumulative average for gasoline consumption for the week ended 3 June 2011, according to the EIA.
Motor gasoline inventories gained 3.3m bbl to hit 203.5m bbl for the week ended 1 June, compared with 200.2m bbl for the prior week, the EIA report said. Every region saw some gain in stockpiles.
Production levels for gasoline fell, mitigating the effect of the drop in consumption on the inventory levels. Production dropped to 8.825m bbl/day for the week ended 1 June, compared with 9.023m bbl the week ended 25 May.
Imports for gasoline made a slight gain to 836,000 bbl/day, up from 796,000 bbl/day the prior week, according to the EIA.
Exports held steady at 411,000 bbl/day.
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