20 June 2012 16:14 [Source: ICIS news]
HOUSTON (ICIS)--US gasoline inventories rose by 900,000 bbl as consumption fell for the week ended 15 June, a government agency indicated on Wednesday.
Stockpiles reached 202.7m bbl for the week ended 15 June, up from the prior week’s level of 201.8m bbl, according to the US Energy Information Administration (EIA).
Contributing to the rise in stockpiles was a drop in consumption, which gave back nearly all its previous gains made the week ended 8 June.
For the week ended 15 June, finished motor gasoline consumption fell by 437,000 bbl/day to reach 8.693m bbl/day. Consumption had previously gained 482,000 bbl/day in the week ended 8 June.
According to the EIA, finished motor gasoline consumption still remains 5.1% lower than the cumulative daily average for consumption during the same time period one year prior.
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 of gasoline fell by 273,000 bbl/day to 8.937m bbl/day for the week ended 15 June. The drop in production helped to limit the rise in gasoline inventories for that week.
Refinery utilisation held mostly steady, dropping by just 0.1 percentage point, while imports increased by 304,000 bbl/day to reach 988,000 bbl/day.
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