Total US petroleum deliveries, a measure of demand, averaged 19.2 million b/d in March, up 3.4% from a year ago and the highest level for the month since 2011, according to the American Petroleum Institute’s monthly statistics for March. Total demand in the first quarter gained 2.2% year-over-year. “Production of both oil and natural gas liquids last month remained at the highest levels in decades even as rig counts reached a 5-year low,” said John Felmy, API chief economist. “Demand for petroleum continued to show healthy growth compared to early last year,” he said. According to API data, US gasoline demand rose 2.2% last month from the prior year to average 8.9 million b/d—the highest deliveries for the month in 6 years. Deliveries of gasoline in the first quarter increased 2.9% vs. last year. Distillate deliveries in March averaged just below 4 million b/d, down 1.7% […]