Crude Market Tanks as U.S. Records Inventories Upwards of 10.95M Barrels

by Mohammed Marzuq, KPI Bridge Oil
Wednesday April 8, 2015

Today the crude market tanked as official data from the EIA came out stating that crude inventories in the U.S were upwards of 10.95 million barrels.

Earlier in the week Genscape had forecasted much lower numbers at Cushing, Oklahoma driving the market up off of speculation.

To further the blow, Saudi oil minister Ali al-Naimi has made it adamant that production levels will stay on course of the current 10 million barrel per day output.

Both WTI and Brent lost almost entirely all positive gains incurred over the past few days.

The bunker buyers should be happy today.

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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