27 March 2013 20:58 [Source: ICIS news]
HOUSTON (ICIS)--Higher US gasoline consumption led to a drop in differentials for the week ended 22 March, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week were at 8.399m bbl/day, an increase of 75,000 bbl/day, or 0.9%, from the previous week, according to the US Energy Information Administration (EIA).
However, year on year, gasoline consumption was down by 0.2%.
For the same week, gasoline inventories declined by 1.6m bbl to 221.2m bbl, a 0.7% week-on-week fall, the EIA said.
Gasoline production spiked by 4.3% for the week ended 22 March. Production rates were 373,000 bbl/day higher at 9.002m bbl/day
Meanwhile, refinery utilisation gained 2.2 percentage points to 85.7%, 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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