Record US crude oil inventory levels in 2015 reminds us of a pig crossing paths with a python. The pig is consumed by the snake, bulging in the reptile’s stomach as it goes through the digestive process, and is a handy parable for oil markets. In 2015 US refineries took unprecedented bites out of the US crude oil glut that was largely the result of higher domestic production levels. But while these python-like refineries have increasingly been built to take a more variable diet, the pigs are getting larger and possibly outgrowing the refineries’ ability to digest the upcoming portions. If we follow the path of the American oil python as it chomps down on the 2015 crude glut, we’re left with questions about what it means for 2016. Will the fat oil glut prove too big for the mighty refinery python? Or will the refining sector just end […]