03 April 2013 22:06 [Source: ICIS news]
HOUSTON (ICIS)--Higher US gasoline consumption led to a drop in inventories for the week ended 29 March, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week were at 8.523m bbl/day, an increase of 124,000 bbl/day, or 1.5%, from the previous week, according to the US Energy Information Administration (EIA).
Year on year, gasoline consumption was up by 3.0%.
For the same week, gasoline inventories declined by 600,000 bbl to 220.7m bbl, a 0.3% week-on-week fall, the EIA said.
Gasoline production fell by 3.7% for the week ended 29 March. Production rates were 330,000 bbl/day lower at 8.672m bbl/day
Meanwhile, refinery utilisation gained 0.6 percentage points to 86.3%, 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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