24 April 2013 17:34 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline consumption rates in the US increased for the week ended 19 April, leading to a drop in inventories, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week were at 8.750m bbl/day, a gain of 367,000 bbl/day, or 4.4%, from the previous week, according to the US Energy Information Administration (EIA).
However, year on year, gasoline consumption was down by 1.7%.
For the same week, gasoline inventories shed 3.9m bbl to 217.8m bbl, a 1.8% week-on-week decline, the EIA said.
Analysts had predicted a drop of about 500,000 bbl in inventories.
Refinery utilisation rates declined by 2.8 percentage points to 83.5%, mainly as the US Gulf region posted losses stemming from a power outage that affected three refineries last week.
Meanwhile, gasoline production was slightly higher, increasing by 29,000 bbl/day to a rate of 8.919m bbl/day, 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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