21 February 2013 21:43 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline consumption in the US moved higher, causing a drop in inventories for the week ended 15 February, a government agency said on Thursday.
Finished motor gasoline consumption rates for the week ended 15 February were at 8.437m bbl/day, up by 33,000 bbl/day from the previous week, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption is up by 2.8%.
Higher consumption rates caused inventories to decline that same week. Gasoline inventories decreased by 2.8m bbl to 230.4m bbl, the EIA said. Analysts had predicted a drop of 700,000 bbl.
Gasoline production and refinery utilisation rates also dropped in the week ended 15 February.
Production rates were 6,000 bbl/day lower at 8.647m bbl/day, while refinery utilisation fell by 0.9 percentage points to 82.9%.
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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