The double whammy of yesterday’s EIA drilling productivity report – showing rampantly rising shale production next month – combined with a bearish OPEC monthly oil market report, has sent oil prices scampering lower, testing key support levels on both Brent and WTI. With more twists and turns in the coming days than the Monaco Grand Prix, hark, here are five things to consider in oil markets today: 1) The latest OPEC oil market report has ruffled feathers, put the cat among the pigeons, and got the bears a’ growlin’. We discussed yesterday how the rise in U.S. crude inventories this year (hark, 800,000 bpd) was offsetting that of last quarter’s OECD stock draw (hark, 800,000 bpd). Today’s report shows that OECD stocks rose in January to a smidge over 3 billion barrels – some 278mn bbls above their five-year average. OPEC’s goal is to get inventories closer in line […]