Oil Prices Hit Hard By Lower Refinery Runs

Oil prices took a tumble on Wednesday post-EIA report, despite a favorable crude inventory report that showed oil inventories in the United States had shrunk by nearly ten million barrels. The culprit for the downward price movement? Lower refinery throughputs for the week. In other words, the threat of refinery maintenance season. Inventory levels are still above the five-year average for this time of year, and the summer driving season is now behind us. A new season now approaches: the dreaded maintenance season. That fear sent oil prices tumbling…