04 January 2013 20:43 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline inventories in the US increased for the fifth consecutive week, while consumption rates declined, a government agency said on Friday.
Gasoline stockpiles for the week ended 28 December gained 2.6m bbl to 225.7m bbl, according to the US Energy Information Administration (EIA). Analyst predicted an increase of 3m bbl.
A drop in consumption rates led to the gains in stockpiles. For the week ended 28 December, gasoline consumption was at 8.518m bbl/day, a fall of 90,000 bbl/day from the previous week’s rate of 8.608m bbl/day.
Year on year, gasoline consumption is 3.3% lower than the same time period one year ago.
Meanwhile, gasoline production fell last week, losing 698,000 bbl/day to a rate of 8.699m bbl/day.
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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