It’s official: U.S. oil demand increased almost half-a-million barrels a day in February. Except, on the other hand, it didn’t quite do that.
The Energy Information Administration just released its monthly estimates of U.S. oil supply and demand, which come with a time-lag. They show consumption of 19.62 million barrels a day in February, up 460,000 barrels from February 2017. If you’re an oil bull, 2.4 percent growth in the biggest market on the planet is pretty encouraging.