U.S. crude stockpiles rise, fuel demand drops as virus effects start to hit -EIA - Reuters

U.S. crude stockpiles rise, fuel demand drops as virus effects start to hit -EIA - Reuters:

U.S. crude oil stockpiles rose last week, but one-week demand for fuels showed its biggest drop since December in the first inkling that the coronavirus pandemic is denting the country’s energy demand.

The coronavirus has sickened nearly 400,000 people worldwide, destroyed gasoline demand as people stay home, and has brought air travel to a virtual halt globally. In coming weeks, fuel demand is expected to fall sharply, and the report’s measures on demand showed a notable drop in products supplied, the U.S. Energy Information Administration said.

The EIA’s measure of products supplied, a proxy for U.S. demand, showed a 2.1 million barrel-per-day in the most recent week to 19.4 million bpd.