13 March 2013 16:47 [Source: ICIS news]
HOUSTON (ICIS)--Higher gasoline consumption in the US caused a fall in inventory levels for the week that ended on 8 March, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week were at 8.627m bbl/day, an increase of 263,000 bbl/day, or 3.1%, from the previous week, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption was up by 1.1%.
In the same week, gasoline inventories declined by 3.6m bbl to 224.3m bbl, a 1.6% week-on-week fall, the EIA said. Analysts had predicted a drop of 1.5m bbl.
Gasoline production and refinery utilisation rates also fell during the week.
Production rates were 106,000 bbl/day lower at 8.641m bbl/day, while refinery utilisation shed 1.2 percentage points to 81%, the EIA said.
Finished gasoline refers to the stage in the supply chain at which it reaches primary sources, such as blenders and terminals, before delivery to retail stations.
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