Crude Prices Continue to Rise

by George Belekos, KPI Bridge Oil
Monday August 15, 2016

"The freeze is coming, the freeze is coming," speculators are chanting this from the rooftops and having a party with renewed discussion and rumors for an oil freeze agreement between OPEC countries. 

While there is no real concrete data to indicate this is true, oil prices continue to move higher, this despite an increase in oil rigs last Friday.

Refinery demand for oil appears to be very strong and is expected to absorb the all-time high production.

WTI, Brent, Heating Oil and ICE Gasoil all ended the day more than 3% higher. Bunker prices are firming in all major ports. 

For now the trend appears to be towards a higher market and as such buyers should be looking at stems as far out as practical. 

Forecasters are still predicting an active Atlantic Hurricane season and all it will take is some strong winds for oil prices to move even higher.

WTI September $45.74/BBL UP $1.25/BBL
Brent August $48.35/BBL UP $1.38/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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