13 February 2013 16:43 [Source: ICIS news]
HOUSTON (ICIS)--Both gasoline consumption and inventories in the US fell for the week ended 8 February, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week ended 8 February were at 8.40m bbl/day, down by 11,000 bbl/day, from the previous week, according to the US Energy Information Administration (EIA).
However, year on year, gasoline consumption is up by 4.4%.
A drop in production caused gasoline inventories to decrease for the week ended 8 February, the EIA said.
Gasoline inventories were at 233.2m bbl, a drop of 800,000 bbl from the previous week. Analysts predicted a gain of 1.5m bbl in inventories.
Meanwhile, production rates were 167,000 bbl/day lower at 8.65m bbl/day.
US refinery utilisation rates unexpectedly dropped that week, falling by 0.4 percentage point to 83.8%. Utilisation rates were expected to hold steady at 84.2%.
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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