Crude Softens After Yesterday's Gains

by Tim Bonett, KPI Bridge Oil
Tuesday August 9, 2016

Crude prices tried to stay afloat this morning on the heels of yesterday's OPEC kerfuffle.

However, as the day wore on the glimmer of hope started to fade while the reality of the supply situation returned.

The EIA reported that production for the year is still set to fall but at a slower pace than originally expected.

The market is expecting draws on both crude and distillate inventories tomorrow and the figures will have a heavy influence on the market's direction.

Bunker prices were somewhat soft in the primary ports.

WTI September $42.77/bbl (Down -$0.25/bbl)
Brent August $44.98/bbl (Down -$0.41/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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