Yes, it’s Groundhog Day (again), and that dastardly Punxsutawney Phil has seen his shadow, predicting six more weeks of winter. Fortunately, he’s no good at forecasting (unlike the woolly worm), hence little attention should be paid. The crude complex is also seemingly stuck in Groundhog Day, weighing up OPEC production cuts versus the renaissance of U.S. shale production. After yesterday’s rally, today we reverse. Hark, here are five things to consider in oil markets today. 1) The chart below highlights how the U.S. trade deficit with Latin America has moved to a surplus, as product exports ramp up to Latin America, while U.S. crude imports from countries such as Mexico drop off. We highlighted here last week how U.S. imports of Mexican crude – which is predominantly heavy Maya – have dropped off on both an absolute and percentage basis. Imports of Mexican crude dropped by over a hundred […]