US crude inventories surged higher last week as refiner demand plummeted in the face of a historic slowdown in refined product demand, US Energy Information Administration data showed Wednesday. US commercial crude inventories surged 19.25 million barrels to 503.62 million barrels during the week ended April 10, EIA data showed. The build was the largest ever on record, eclipsing the previous record-build of 15.18 million barrels realized the week prior. Nationwide crude inventories now stand at 6.2% above the five-year average, EIA said. Crude inventories at Cushing, Oklahoma, the delivery point of the NYMEX light crude contract, climbed 5.72 million barrels to 54.97 million barrels, erasing a deficit to the five-year average […]