April data indicate record increase in U.S. crude oil inventories, record decreases in refinery runs and demand (7/1/2020)

On March 13, 2020, President Trump declared a national emergency in the United States in response to concerns regarding the 2019 novel coronavirus disease (COVID-19) outbreak. The U.S. Energy Information Administration's (EIA) June Petroleum Supply Monthly (PSM), which includes the first complete set of key U.S. crude oil data from April 2020 (the first complete month after the declaration of the national emergency), shows the significant behavioral effects of the several measures taken to mitigate the spread of COVID-19 and of the virus itself. The April data include record month-over-month changes in several key areas, including refinery runs, product supplied for motor gasoline and jet fuel, and ending stocks for crude oil. ... More »