(Reuters) –U.S. refiner Marathon Petroleum posted a profit for the first quarter on Tuesday. This was compared to a loss in last year. The strong refining margins helped by a recovery of fuel demand and improved supplies.

The global fuel demand is back to pre-COVID-19 levels. However, supplies have been tightened worldwide by Western sanctions against Russia after its invasion of Ukraine.

Additionally, the global pandemic saw a drop in refining capacities, and many less-profitable oil refineries closed their operations over the past two years.

The fourth week of April saw overall product supplied (a proxy for demand) at 19.8 millions barrels per daily (bpd), which is near pre-pandemic trends according to U.S Energy Information Administration data.

According to the company, its marketing and refining margins grew nearly 51% to $15.31 a barrel during the quarter that ended March 31, according.

Crude capacity utilization was 91%. This resulted in total throughput at 2.8 million BPD, as opposed to an 83% utilization rate and total throughput that were 2.6 million BPD a year ago.

The refiner anticipates a throughput rate of 2.9 Million BPD for the current quarter.

The profit of operations for the refining and marketing segments was $768 million, as opposed to a loss last year at $598 million.

According to the refiner based in Findlay, Ohio, net profit for the quarter was $845million, or $1.49 per Share, as compared with $242 million or 37 cents per Share a year ago.

Marathon’s performance was a result of strong earnings by other energy companies including Valero Energy Corp (NYSE 🙂 and Phillips 66 (NYSE :).