US residual fuel oil implied demand was slightly higher in March than in February, but just half what it was in March 2013, according to US Energy Information Administration data published Thursday.
March fuel oil demand in the US was 216,000 b/d, compared with 431,000 b/d in the same month of 2013. Demand averaged 207,000 b/d in February.
Domestic fuel oil consumption averaged 231,000 b/d in the first quarter, down 36% from the comparable period of 2013. The five-year average is 428,000 b/d, data show.
East Coast fuel oil demand reached a record-low 66,000 b/d in March, 21% less than the previous record low, which was set in June 2013.
Fuel oil production edged up to 463,000 b/d while days of supply fell to 169 days compared with 86 days in March 2013.
US imports were 156,000 b/d while exports were 411,000 b/d, the 35th consecutive month where US fuel oil export volumes were greater than imports.
