Domestic petroleum consumption climbed in early February, driven by robust demand for gasoline, while production only crept ahead and inventories dropped to a 2022 low.

Demand rose 2% week/week to 21.9 million b/d during the period ended Feb. 4, according to the U.S. Energy Information Administration (EIA). The advance was driven by an 11% jump in gasoline consumption, according to EIA’s latest Weekly Petroleum Status Report.

Demand for travel fuels is expected to accelerate as winter weather lifts in coming weeks and the impacts of the latest coronavirus variant gradually fade, Rystad Energy analysts said. This is expected domestically and globally, they added.

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