Crude is heading lower today after a solid build to crude inventories from the weekly EIA inventory report. As U.S. inventories climb to a new record high, crude is having a tough time believing that the market is re-balancing. Hark, here are five things to consider in oil markets today: 1) Yesterday we discussed how Saudi Arabia and Iraqi crude export loadings had been swinging to the east of Suez for the first two months of the year, sending more crude to Asia. We also highlighted that this trend had changed in March, and export loadings were favoring the U.S. instead (eta = April, into May). We can see in our ClipperData below that Saudi arrivals into the U.S. so far this month have dropped off significantly – a result of those January barrels heading to Asia instead. Iraqi imports are actually up so far this month, and should […]