So Much For Demand Destruction for Gasoline

Gasoline demand increased in February.

US oil demand fell by 2.3% in February to average 18.4 million b/d compared with February 2011, according to the latest monthly statistical report from the American Petroleum Institute. The decline was led by a drop in demand for residual fuel oil, which was down 40% from a year earlier to 375,000 b/d as users switched to natural gas. [Global warming saving money for homeowners.]

Deliveries of gasoline were up 0.9% to 8.7 million b/d, the first increase in gasoline demand since February 2011.