28 November 2012 17:58 [Source: ICIS news]
HOUSTON (ICIS)--A drop in gasoline consumption in the US caused stockpiles to rise for the week ended 23 November, a government agency said on Wednesday.
Despite an expected increase in US Thanksgiving holiday automobile travel, finished motor gasoline consumption dropped by 471,000 bbl/day to a rate of 8.427m bbl/day, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption is 3.4% lower than the same time period one year ago.
Accordingly, gasoline inventories gained 3.9m bbl to 204.3m bbl. Analysts predicted an increase of just 1.3m bbl in inventories.
Meanwhile, US gasoline production fell by 117,000 bbl/day to 8.884m bbl/day, the EIA said.
However, refinery utilisation increased by 1.1 percentage point to a rate of 88.6% for the week ended 23 November.
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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