11 July 2012 16:40 [Source: ICIS news]
HOUSTON (ICIS)--US gasoline consumption fell for the week ended 6 July, causing a rise in stockpiles, a government agency indicated on Wednesday.
Gasoline stockpiles gained 2.7m bbl for a total of 207.7m bbl, according to the US Energy Information Administration (EIA). All regions in the US posted slight gains and contributed to the higher total inventory.
For that same week, consumption of finished motor gasoline dropped by 84,000 bbl/day to a rate of 8.917m bbl/day. Consumption had previously gained to top the 9m bbl/day mark for the week ended 29 June.
According to the EIA, finished motor gasoline consumption is 4.9% lower for the week ended 6 July than the cumulative daily average 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.
Also contributing to the higher gasoline stockpiles was US gasoline production, which increased by 36,000 bbl/day for the week ended 6 July, to a rate of 9.173m bbl/day.
Accordingly, US refinery utilisation rose to 92.7%, which is a 0.7 percentage point gain over the previous week.
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