25 July 2012 18:15 [Source: ICIS news]
HOUSTON (ICIS)--Higher production and imports causedUS gasoline inventories to increase for the week ended 20 July, a government agency indicated on Wednesday.
US gasoline inventories gained 2.1m bbl for a total of 210m bbl, according to the US Energy Information Administration (EIA).
Inventories were lifted by higher gasoline production and imports.
Gasoline production for the week ended 20 July gained 318,000 bbl/day to reach 9.031m bbl/day. For that same week, gasoline inventories rose by 385,000 bbl/day to 1.020m bbl/day.
Accordingly, US refinery utilisation moved one percentage point higher to a rate of 93%, the EIA said.
Analysts predicted gasoline stocks would decrease by 200,000 bbl and refinery utilisation to fall by 0.4 percentage points.
For the week ended 20 July, finished motor gasoline consumption gained, but it was not enough to offset the even higher increase in inventories.
Consumption of finished motor gasoline reached 8.660m bbl/day, 32,000 bbl/day higher than the 8.628m bbl/day for the previous week.
According to the EIA, finished motor gasoline consumption is 4.8% lower for the week ended 20 July than the cumulative daily average during the same time period one year prior. This average for the week ended 13 July was 4.9% lower.
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.
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