US gasoline demand reaches new high: EIA

US gasoline demand crept to a new weekly high but a swell of midcontinent inventories led national stockpiles of the fuel to still grow, according to the Energy Information Administration.

Implied demand increased by 53,000 b/d to 9.82mn b/d in the week ended 17 June, surpassing a previous high set in August 2007. Production of the fuel was steady at 10mn b/d, as US west coast refiners offset slight declines in gasoline production in all other regions. West coast production climbed higher by 78,000 b/d to 1.7mn b/d, its highest level since April 2014.

Midcontinent inventories of the fuel increased by 2.1mn bl to 53.1mn bl, more than offsetting greater than 1mn bl draws on the US Atlantic coast and the US Gulf coast. Gasoline imports on the US Gulf coast during the week increased by 108,000 b/d to 144,000 b/d, the highest volume since May 2013, according to EIA data.

On-highway diesel implied demand increased by 2pc to 3.9mn b/d. Inventories of the fuel fell by 1.1mn bl to 132.3mn bl on strong declines in the midcontinent and US Gulf coast. Production of the fuel increased by 20pc on the US Atlantic coast, to 351,000 b/d, its highest volume since October last year. Midcontinent production also rose, while US Gulf coast and west coast refiners reported small declines.