24 October 2012 17:31 [Source: ICIS news]
HOUSTON (ICIS)--Lower consumption of US gasoline led to an increase in stockpiles for the week ended 19 October, a government agency said on Wednesday.
US finished motor gasoline consumption was 236,000 bbl/day lower at a rate of 8.493m bbl/day, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption is 3.8% lower.
For the week ended 19 October, gasoline inventories gained 1.5m bbl to reach 198.6m bbl.
Analysts had predicted that gasoline inventories would gain just 600,000 bbl.
US gasoline production was at 8.955m bbl/day, 201,000 bbl/day up from the week ended 12 October, which had a production rate of 8.754m bbl/day, the EIA said.
US refinery utilisation held relatively steady, falling by 0.2 percentage point to an operational rate of 87.2% for the week ended 19 October.
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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