24 January 2013 16:42 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline consumption in the US increased for the week ended 18 January, causing a drop in stockpiles, a government agency said on Thursday.
Consumption rates for the week ended 18 January gained 111,000 bbl/day to reach 8.431m bbl/day, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption is 1.4% higher.
Accordingly, gasoline inventories fell by 1.7m bbl that week to 233.3m bbl.
Analysts predicted a gain of 1.3m-2.5m bbl.
Meanwhile, production rates moved higher. For the week ended 18 January, gasoline production increased by 77,000 bbl/day to 8.668m bbl/day, the EIA said.
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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