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Biggest Monthly Surge in US Oil Inventories Since 1920

Biggest Monthly Surge in US Oil Inventories Since 1920Biggest Monthly Surge in US Oil Inventories Since 1920

The oil demand crash in April, when most of America was under stay-at-home orders, resulted in the biggest monthly inventory jump in US commercial crude oil inventories in data going back to 1920, the US Energy Information Administration said.
In April, US commercial crude stocks soared by 46.7 million barrels, or by 10%, as demand for refined petroleum products slumped to the lowest level in nearly 40 years, according to EIA estimates.  
Refinery utilization rate was at 70% in April—the lowest utilization rate in monthly data dating back to 1985, Oil Price reported.
Demand for finished petroleum products crashed to 11.7 million barrels per day, the lowest level since at least 1981, the EIA said.
US crude oil production averaged 12.1 million bpd in April, down by 669,000 bpd, or 5%, from March.
Demand for oil in the United States continued to be weak after April, too, leading to a record-high level of US commercial crude oil inventories by the middle of June.
The United States held a record-high level of commercial crude oil stocks as of the week to June 19 following the collapse in demand in the lockdown and the slow demand recovery after lockdowns were lifted, the EIA said at the end of last month.

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