The oil demand crash in April, when most of America was under stay-at-home orders, resulted in the biggest monthly inventory jump in U.S. commercial crude oil inventories in data going back to 1920, the U.S. Energy Information Administration (EIA) said on Thursday. In April, U.S. commercial crude stocks soared by 46.7 million barrels, or by 10 percent, 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 percent in April—the lowest utilization rate in monthly data dating back to 1985. Demand for finished petroleum products crashed to 11.7 million barrels per day (bpd) – the lowest level since at least 1981, the EIA said. U.S. crude oil production averaged 12.1 million bpd in April, down by 669,000 bpd, or 5 percent, from March. Demand for oil in the United States continued to be weak […]