27 February 2013 20:12 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline consumption in the US moved higher, causing a drop in inventories for the week ended 22 February, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week ended 22 February were at 8.597m bbl/day, up by 160,000 bbl/day from the previous week, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption is up by 2%.
Higher consumption rates caused inventories to decline that same week. Gasoline inventories decreased by 1.9m bbl to 228.5m bbl, the EIA said. Analysts had predicted a drop of 1.5m bbl.
Gasoline production and refinery utilisation rates increased in the week ended 22 February.
Production rates were 300,000 bbl/day higher at 8.947m bbl/day, while refinery utilisation gained 2.2 percentage points to 85.1%.
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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