10 April 2013 16:36 [Source: ICIS news]
HOUSTON (ICIS)--An increase in US gasoline production and a drop in consumption rates led to an unexpected increase in inventories for the week that ended 5 April, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week were at 8.477m bbl/day, a drop of 46,000 bbl/day, or 0.5%, from the previous week, according to the US Energy Information Administration (EIA).
Year-on-year, gasoline consumption was down by 2.4%.
For the same week, gasoline inventories increased by 1.7m bbl to 222.4m bbl, a 0.8% week-on-week gain, the EIA said.
Analysts had predicted a drop of about 1m bbl in inventories.
Higher production rates contributed to the rise in stockpiles.
For the week ended 5 April, gasoline production increased by 260,000 bbl/day to 8.932m bbl/day.
Meanwhile, refinery utilisation gained 0.5 percentage points to 86.8%, 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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