29 August 2012 16:15 [Source: ICIS news]
HOUSTON (ICIS)--Stockpiles of US jet fuel gained for the week ended 24 August as consumption fell, a government agency’s report showed on Wednesday.
Jet fuel inventories moved 1.4m bbl higher to 43.2m bbl, according to the US Energy Information Administration (EIA).
Lower consumption rates contributed to the gains in stockpiles. For the week ended 24 August, jet fuel consumption was at 1.360m bbl/day, down from the previous week’s rate of 1.388m bbl/day.
Year on year, the cumulative daily average of jet fuel consumption was 1.4% lower, the EIA said. One week prior, that number was at 1.3%.
This is the third consecutive week that the consumption rate of jet fuel has fallen. As the end of the summer travel season nears, consumption of jet fuel is expected to continue to decline.
Additionally, production of US jet fuel held relatively steady at 1.551m bbl/day for the week ended 24 August. The prior week’s production rate was 1.599m bbl/day.
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