22 May 2013 17:43 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline inventories in the US for the week ended 17 May increased despite a gain in consumption, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week ended 17 May were at 8.790m bbl/day, an increase of 449,000 bbl/day, or 5.4% from the previous week, according to the US Energy Information Administration (EIA).
For the same week, gasoline inventories gained 3m bbl to 220.7m bbl, a 1.4% week-on-week increase, the EIA said.
Analysts predicted a gain of 800,000 bbl in gasoline inventories.
Higher production rates and imports contributed to the higher inventories.
Gasoline production was 75,000 bbl/day higher at 9.164m bbl/day, while imports increased by 410,000 bbl/day to 1.081m bbl/day.
Meanwhile, refinery utilisation rates fell by 0.7 percentage points to 87.3%.
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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