Prices fell by over $1.00 today on surging US crude inventories and an otherwise bearish EIA report. “The refinery utilization rate is a pseudo disaster, down four to five weeks in a row at the end of winter” said Bob Yawger, director of energy futures at Mizuho, adding that refiners have kept activity slow even after emerging from a deep freeze that hampered operations last month. Refinery crude runs last week fell by 298,000 barrels per day to 14.5 million bpd and refinery utilization rates decreased by 1.8 percentage points to 80.6% of total capacity, both the lowest levels since Winter Storm Elliott similarly knocked scores of refineries offline in December 2022. Meanwhile, the U.S. Congress intelligence chair warned of a ‘serious national security threat’, without providing further details, scaring some oil investors. WTI traded down $1.23 or 1.6% to close at $76.64. Brent traded down $1.17 or -1.4% to close at $81.60.