06 February 2013 18:01 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline consumption in the US fell for the week ended 1 February, causing a build-up in inventories, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week ended 1 February were at 8.415m bbl/day, down by 86,000 bbl/day or 1%, from the previous week, according to the US Energy Information Administration (EIA).
However, year on year, gasoline consumption is up by 4.7%.
Accordingly, gasoline inventories increased that week, gaining 1.7m bbl to reach 234m bbl. Analysts expected a build of 1.9m bbl.
Meanwhile, production rates and refinery utilisation was down.
Production dropped by 65,000 bbl/day to 8.820m bbl/day, while refinery utilisation lost 0.8 percentage points to a rate of 84.2%, 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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