Oil markets rallied in mid-January as bitterly cold weather in the US pushed up demand for heating fuels, but on average benchmark prices weakened month-on-month (m-o-m). Upcoming seasonal refinery maintenance later put downward pressure on markets before prices rebounded in early February, with ICE Brent futures last trading at $109.25/bbl and NYMEX WTI at $101.25/bbl. Total OECD industry stocks plummeted by a further 56.8 mb in December, taking 4Q13 OECD stock draws to 1.5 mb/d, the steepest quarterly decline since 4Q99. At 2 559 mb, total OECD oil stocks stood 103 mb below their five year average at the end of December, while product stocks covered 28.8 days of forward demand. Global supplies fell by 290 kb/d in January, to 92.1 mb/d, on lower non-OPEC output . Supplies were up 1.50 mb/d year-on-year (y-o-y), however, as steep growth of 1.90 mb/d in non‐OPEC output and OPEC NGLs surpassed a drop of 390 kb/d in OPEC […]