Bearish Inventory Report Has Little Effect on Crude Prices

by Tim Bonett, KPI Bridge Oil
Wednesday February 1, 2017

A very bearish inventory report had little effect on crude prices as benchmarks rose 2% today.

The EIA reported double the amount of expected crude builds but the market was able to shrug this off as non OPEC member Russia cut production by 100,000 bpd in January.

This only meets 1/3 of Russia's pledged cuts but all parties of the agreement are trending in the right direction.

Bunker prices were firmer in the primary ports.

WTI March $53.88/BBL UP $1.07/BBL
Brent April $56.80/BBL UP $1.22/BBL

About KPI Bridge Oil

KPI Bridge Oil is one of the world's leading international bunker broking and trading firms. With a network of offices that covers every major time zone, we have an in-depth knowledge of ports and bunker markets around the world. Our access to real-time market information and long-established credit lines with suppliers means we use our buying power in the right place and at the right time. All this ensures our customers enjoy competitive prices - and on favourable terms.

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