12 December 2012 21:01 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline inventories continued to climb for the week ended 7 December despite higher consumption rates, a government agency said on Wednesday.
Finished motor gasoline consumption gained 134,000 bbl/day to a rate of 8.488m bbl/day, according to the US Energy Information Administration (EIA).
However, year on year, gasoline consumption is 3.3% lower than the same time period one year ago.
Inventories of gasoline gained 5m bbl to 217.1m bbl. Analysts predicted an increase of just 3m bbl in inventories.
Last week, gasoline stockpiles increased by 7.8m bbl as consumption rates declined.
Higher production led to the inventory gain. For the week ended 7 December, gasoline production was 58,000 bbl/day higher at 9.070m bbl/day, the EIA said.
US refinery utilisation had little change, falling by just 0.2 percentage points, but remained at a high rate of 90.4%.
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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