US jet fuel consumption gains lead to drop in inventories

12 September 2012 17:01  [Source: ICIS news]

HOUSTON (ICIS)--Inventories of jet fuel in the US fell for the week ended 7 September as consumption rose, a government agency report showed on Wednesday.

Stockpiles dropped by 900,000 bbl to 42.1m bbl, according to the US Energy Information Administration (EIA).

An increase in consumption rates contributed to the lower inventory levels. For the week ended 7 September, jet fuel consumption was at 1.553m bbl/day, an increase of 89,000 bbl/day from the previous week’s rate of 1.464m bbl/day.

Travel for the US Labor Day holiday on 3 September helped to lift consumption rates.

Year on year, the cumulative daily average of jet fuel consumption was 1.2% lower, the EIA said. One week prior, that number was at 1.4%.

Furthermore, jet fuel production fell by 11,000 bbl/day to 1.448m bbl/day for the week ended 7 September.

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By: Anna Matherne

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