US gasoline stocks rose 4.443 million barrels during the last week as demand languished at seasonal levels while the output from refineries rose, Platts said in a release.
At 227.67 million barrels, gasoline stocks were 6.998 million barrels above the five-year average and 228,000 barrels above year-ago levels, t said citing an analysis of the oil data released on Thursday by the Energy Information Administration.
Refiners raised output of gasoline 142,000 barrels per day to 8.867 million barrels per day, pushing yields to 60.75 percent, a level associated with peak driving season, while demand inched down 44,000 barrels per day week-over-week to 8.775 million barrels per day.
Despite an across-the-board build in the headline oil categories, total US petroleum stocks were up just 2.364 million barrels week-over-week. At 1.067 billion barrels, US oil stocks were 97.713 million barrels above the five-year average and 15.979 million barrels above year-ago levels with a good deal of the surplus concentrated in crude inventories, Platts said.