March petroleum demand sets record after strong Feb.

Total gasoline stocks rose 5.4% in March to 243.9 million barrels, highest for month since 1982

Total petroleum deliveries, a measure of demand, rose 0.4 per cent in March from March 2015 to average 19.3 million barrels per day, according to the American Petroleum Institute.

These were the highest March deliveries in eight years, since 2008.

Total motor gasoline deliveries, a measure of consumer demand, rose 2.2 per cent from March 2015. Distillate deliveries fell 11.3 per cent to average just below 3.6 million barrels per day.

Total petroleum deliveries, a measure of consumer demand, rose 2 percent in Feb. from year ago levels to average 19.8 million b/d. These were the highest Feb. deliveries in eight years. Click here for Feb. story.

“Historically low gasoline prices continued to drive strong demand for gasoline in March,” said Erica Bowman, API chief economist. “In fact, demand for gasoline in March was the highest ever recorded for the month.”

At just below 9 million barrels per day, U.S. crude oil production decreased by 6.8 per cent from March 2015 but remained the second highest March production level in 30 years, since 1986.

Natural gas liquids production in March averaged nearly 3.4 million barrels per day, which was the highest level for the month on record.

U.S. total petroleum imports in March averaged nearly 10 million barrels per day. This was the highest total petroleum imports level for any month since September 2013.

At an average of 9.7 million barrels per day, production of gasoline in March was the highest ever for the month, up 1.6 per cent from March 2015.

Production of distillate fuel in March fell 1.2 per cent from year ago levels to average 4.8 million barrels per day but remained the second highest March output level on record.

Refinery gross inputs rose by 2.8 per cent from last year to a record high for the month at 16.3 million barrels per day.

Production of all four major products–gasoline, distillate, jet fuel and residual fuels–were higher than deliveries for those products, so refined petroleum products were exported.

Exports of refined petroleum products were up from the prior year. The refinery capacity utilization rate averaged 89.5 per cent in March.

API’s latest refinery operable capacity was 18.125 million barrels per day, up 341 thousand barrels per day from last year’s capacity of 17.874 million barrels per day.

Crude oil stocks ended in March at 530.1 million barrels—the highest inventory level for the month in 86 years, since 1930.

Crude stocks rose by 55.3 million barrels, or up 11.6 per cent from the prior year. Stocks of total motor gasoline rose 5.4 per cent from last year to 243.9 million barrels in March.

These were the highest stocks for the month in 34 years, since 1982. Distillate fuel oil stocks rose 27.9 per cent from the same period last year to end at 164.1 million barrels–the highest March inventory level in 35 years, since 1981.

Jet fuel stocks rose 18.8 per cent from the prior year to end at 44.2 million barrels. Stocks of “other oils” rose from year ago levels.