July crude oil prices danced around unchanged levels throughout most of the overnight trading hours. The outside market tone was slightly negative, with weaker global equity markets and a rally in the US dollar to a new 3-week high. There were comments from the IEA earlier this morning indicating that they were prepared to release member-nation strategic reserves of crude oil to support the global economy if needed. While they raised their demand forecasts for the next 5 years by an annual rate of 1.3%, they continue to monitor Saudi Arabia's contribution of added supplies to satisfy current demand levels. Yesterday's EIA report showed a larger than expected decline of 3.406 million barrels. Perhaps a portion of the unexpectedly large draw came from the closed Keystone Pipeline last week, which helped pull 1.0 million barrels out of Cushing, Oklahoma. EIA crude stocks stand 2.45 million barrels above year ago levels and 21.923 million barrels above the five year average. Crude oil imports for the week stood at 8.638 million barrels per day, compared to 8.600 million barrels the previous week. The refinery operating rate was 86.1%, down 1.1% from last week.