01 August 2012 16:19 [Source: ICIS news]
HOUSTON (ICIS)--Higher consumption of US gasoline caused inventories to drop for the week ended 27 July, a government agency indicated on Wednesday.
US gasoline consumption gained 160,000 bbl/day to a total of 8.820m bbl/day, according to the US Energy Information Administration (EIA).
This caused a drop in gasoline inventories.
For the week ended 27 July, gasoline stockpiles were at 207.9m bbl, a drop of 2.1m bbl from the previous week.
Analysts predicted stockpiles would fall by just 500,000 bbl.
For that same week, gasoline production also decreased, falling by 291,000 bbl/day to 8.740m bbl/day, according to the EIA. The biggest regional drop was on the US Gulf coast, which fell to 1.800m bbl/day, down from the previous week’s rate of 1.922m bbl/day.
Accordingly, US refinery utilisation dropped to a rate of 92.2% for the week ended 27 July. The prior week’s rate of 93% was a five-year high for US refinery utilisation.
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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