Crude Makes Gains Despite Inventory Build

by Tim Bonett, KPI Bridge Oil
Thursday January 19, 2017

News today from the International Energy Agency stated that oil supplies tightened for a fourth consecutive month in November and are expected to again for December.

This is well before any efforts were being made as part of the OPEC agreement and bolstered prices today despite a bearish inventory report.

The EIA reported builds of crude inventories when draws were expected which set a cap on benchmarks.

However, it was not enough to send oil lower on the day and bunkers prices were firming in the primary ports.

WTI February $51.37/BBL UP $0.29/BBL
Brent March $54.16/BBL UP $0.24/BBL