12 September 2012 16:58 [Source: ICIS news]
HOUSTON (ICIS)--Both consumption and inventories of US gasoline fell for the week ended 7 September, a government agency said on Wednesday.
US finished motor gasoline consumption dropped by 482,000 bbl/day to a rate of 8.695m bbl/day, according to the US Energy Information Administration (EIA).
Consumption dropped after the US Labor Day holiday, which marks the end of the typically busier summer driving season.
Year on year, gasoline consumption is 4.1% lower.
For the week ended 7 September, gasoline inventories fell by 1.2m bbl to 197.7m bbl. Analysts had predicted that gasoline inventories would decline by 1.9m bbl.
Furthermore, US gasoline production fell by 494,000 bbl/day to 8.511m bbl/day, the EIA said.
The US Gulf coast region mostly contributed to this decline, as some of its refineries were in the restart process after Hurricane Isaac. US Gulf gasoline production was at 1.765m bbl/day, down from the previous week, which was at 1.919m bbl/day.
Accordingly, US refinery utilisation decreased by 1.4 percentage points to a rate of 84.7% for the week ended 7 September.
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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