05 June 2013 17:52 [Source: ICIS news]
HOUSTON (ICIS)--US gasoline inventories and consumption rates for the week ended 31 May were down despite gains in production rates, a government agency said on Wednesday.
Finished motor gasoline consumption rates for the week ended 31 May were at 8.822m bbl/day, a decrease of 134,000 bbl/day, or 1.5% from the previous week, according to the US Energy Information Administration (EIA).
For the same week, gasoline inventories dropped by 400,000 bbl to 218.8m bbl, a 0.4% week-on-week decline, the EIA said.
Analysts had predicted a gain 1.5m bbl in gasoline inventories.
Imports also fell this week, contributing to the decrease in inventories by shedding 198,000 bbl/day to 514,000 bbl/day.
Despite the drop in inventories, production rates increased by 116,000 bbl/day to 9.195m bbl/day.
Meanwhile, refinery utilisation rates gained 2 percentage points to 88.4%.
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.
?xml:namespace> 10-May 17-May 24-May 31-May Gasoline Stocks 217.7 220.7 219.2 218.8 m bbl Gasoline consumption 8,341 8,790 8,956 8,822 bbl/d * * figures in thousand bbl
* figures in thousand bbl
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