WTI Hits 3 Year Low

by George Belekos, KPI Bridge Oil
Tuesday November 4, 2014

Oil prices continued their precipitous price decline today as WTI reached a three year low. 

There is now talk of market share wars between the various members of OPEC and other non-member countries. 

This should signal that prices have not reached the bottom yet. 

While this decline may continue to take time, it is reasonable for prices to move to territory we have not seen since shortly after the financial crisis of 2008. 

These are fundamental changes in the market, as the US Dollar is gaining versus other currencies of the world, supply is at levels not seen in decades and demand is declining globally. 

Suppliers are trying to defend against price declines, but overall bunker prices continue to decrease worldwide. 

Buyers should take a wait and see approach for now.