13 June 2012 16:51 [Source: ICIS news]
HOUSTON (ICIS)--US gasoline inventories dropped by 1.7m bbl as consumption increased for the week ended 8 June, a government agency indicated on Wednesday.
Inventories fell to 201.8m bbl for the week ended 8 June, down from the prior week’s level of 203.5m bbl, according to the US Energy Information Administration (EIA).
Accordingly, consumption of finished motor gasoline was 482,000 bbl/day higher to reach 9.130m bbl/day for the week ended 8 June.
However, finished motor gasoline consumption remains 5.1% lower than the cumulative daily average for consumption during the same time period one year prior, according to the EIA.
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.
Production levels for gasoline rose by 385,000 bbl/day to 9.210m bbl/day for the week ended 8 June. Refinery utilisation reached 92% as most regions in the US posted gains.
Both gasoline imports and exports also dropped for the week. Imports fell by 152,000 bbl/day and exports fell by 33,000 bbl/day.
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