US gasoline inventories spike 3.3% on drop in consumption

10 January 2013 22:12  [Source: ICIS news]

HOUSTON (ICIS)--Gasoline inventories in the US continued to climb for the sixth consecutive week, while consumption rates declined, a government agency said on Wednesday.

Gasoline stockpiles for the week ended 4 January gained 7.4m bbl to 233.1m bbl, according to the US Energy Information Administration (EIA). Analysts predicted an increase of 2.5m bbl.

Lower consumption and production rates led to the increase in gasoline stockpiles.

For the week ended 4 January, gasoline consumption was at 8.010m bbl/day, a drop of 508,000 bbl/day from the previous week’s rate of 8.518m bbl/day, the EIA said.

Gasoline production also fell last week, losing 495,000 bbl/day to a rate of 8.204m bbl/day.

Accordingly, refinery utilisation dropped from a rate of 90.4% to 89.1% for the week ended 4 January.

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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By: Anna Matherne

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