Total U.S. petroleum deliveries, a measure of demand edged up 0.4% in March from the year prior to average 18.6 million bpd, the highest level for the month in three years, according to the latest American Petroleum Institute Monthly Statistical Report.
The data, released today, showed petroleum demand for March inched up 0.1% from February. For the first quarter, total domestic petroleum deliveries dipped 0.3% compared with the first quarter 2013 to average 18.5 million bpd.
“March brought strong demand for both gasoline and distillate fuel, but refinery production actually outstripped demand for all four major products,” said API Chief Economist John Felmy. “Fortunately, the rest of the world is also eager to buy the output of U.S. refineries.”