22 August 2012 17:39 [Source: ICIS news]
HOUSTON (ICIS)--Stockpiles of US jet fuel gained for the week ended 17 August on lower consumption rates, a government agency’s report showed on Wednesday.
Jet fuel inventories moved 900,000 bbl higher to 41.8m bbl, according to the US Energy Information Administration (EIA).
The increase in stockpiles was attributed to a lower consumption rate for that same week. Consumption fell by 108,000 bbl/day to 1.388m bbl/day.
Year on year, the cumulative daily average of jet fuel consumption was 1.3% lower, the EIA said. One week prior, that number was at 0.8%.
As the end of the summer travel season nears, consumption of jet fuel is expected to drop. This is the second consecutive week that the consumption rate of jet fuel has fallen.
Additionally, production of US jet fuel decreased by 78,000 bbl/day to 1.599m bbl/day for the week ended 17 August. In the previous week, jet fuel production was at 1.637m bbl/day.
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