Oil prices are moving back toward the top of their recent trading range, looking to muster a test of resistance once more. As positivity abounds amid new intraday record highs for U.S. equity markets, hark, here are five things to consider in oil markets today: 1) There were a couple of things to note from this week’s monthly release from the EIA, the Short Term Energy Outlook (STEO) . One is an upward adjustment to both Chinese oil consumption and supply, as well as the tweaking of some other consumption estimates for other non-OECD countries. The result of which has lead to a tightening in its market expectations; rather than stock builds over the next few quarters, it now views the market to be largely in balance. (Click to enlarge) 2) The report also references the start-up of U.S. crude exports from Occidental’s Ingleside terminal, which kicked off late […]