Whiting refinery As yesterday’s exceedingly mixed weekly EIA report is digested, oil prices are unwinding a good deal of yesterday’s knee-jerk rally. As dollar strength further encourages crude lower, hark, here are five things to consider in oil markets today: 1) Yesterday’s EIA inventory report yielded a large counter-seasonal draw to crude stocks, even though refinery maintenance is likely at its peak. Imports not only dropped off from Canada, but also to all three coastal PADDs (1,3 & 5). West coast crude oil inputs reached their lowest level since April 2012 (hark, below), depressing the need for crude imports. (Click to enlarge) 2) With lower refinery utilization, less crude is being needed by refineries. Yesterday’s EIA report showed PADD5 imports of 751,000 bpd last week. This is the lowest level since April 2013. Our ClipperData show the leading suppliers to the West Coast this year. While Ecuador is the […]