Demand for petroleum products fell 0.6 percent year-over-year to 18.5 million barrels per day in February, according to the American Petroleum Institute. While wintry conditions across most of the nation caused a spike in demand for heating oil, a decline in gasoline purchases caused by fewer cars on the road led to the lowest level of demand in February since 1998.

Total deliveries of petroleum products, a measure of demand, dropped 0.6 percent from a year earlier to 18.5 million barrels a day in February. Though exports climbed, cold weather curbed driving more than it increased heating demand, causing the lowest level for February in 16 years, according to a March 20 report from the American Petroleum Institute.

"Cold weather tends to have a dampening effect on the economy, which helped reduce demand for many types of fuel in February," API chief economist John Felmy said in a statement. "Of course, low temperatures have the opposite effect on demand for propane and heating oil."

Demand for gasoline dropped 0.2 percent from February 2013, but gained 1.1 percent from January to average close to 8.4 million barrels per day, a 13-year low for the month. Although overall deliveries of distillate were down last month, demand for high sulfur distillate fuel oil, which is used almost exclusively for heating in the residential and commercial sectors, rose 18.1 percent from the prior year.

Total imports in February averaged at just over 9.0 million barrels per day – down 2.3 percent from the prior year and the lowest level since 1996. Crude oil imports rose 1.7 percent from February 2013 to 7.4 million barrels per day, and crude oil production in February increased by 12.5 percent from February 2013, but was slightly down by 0.8 percent from January. Imports of refined products fell 17.2 percent over the same period to 1.6 million barrels per day, the lowest level for the month since 1991.

Production of gasoline and distillate both hit record highs for the month of February. Compared to the prior year, gasoline production gained 3.5 percent and distillate production rose 9.2 percent to reach 9.1 million barrels per day and 4.7 million barrels per day, respectively.