23 October 2013 17:29 [Source: ICIS news]
HOUSTON (ICIS)--US gasoline consumption rates declined for the week ended 18 October despite a drop in inventories, the US Energy Information Administration (EIA) said on Wednesday.
Finished motor gasoline consumption rates fell by 280,000 bbl/day to 8.797m bbl/day.
For that same week, inventories of the product fell by more than expected, dropping 1.8m bbl to 215.5m bbl.
Analysts expected a decline of about 1m bbl in inventories.
However, inventories are still 8.5% higher year on year when the EIA reported stockpiles at 198.6m bbl for the week ended 19 October 2012.
Meanwhile, gasoline production rates were also weaker, losing 148,000 bbl/day to 8.906m bbl/day.
Imports were 146,000 bbl/day lower at 438,000 bbl/day, while exports held steady at 373,000 bbl/day for the week ended 18 October.
US refinery utilisation rates lost 0.3 percentage points to 85.9% that same week.
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> 27-Sept 4-Oct 11-Oct 18-Oct Gasoline Stocks 219.7 219.9 217.3 215.5 m bbl Gasoline consumption 8,527 8,846 9,077 8,797 bbl/d * *Figures are in thousand bbl
*Figures are in thousand bbl
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