Crude Prices Edge Upwards

by Mohammed Marzuq, KPI Bridge Oil
Wednesday July 29, 2015

Both the ICE and NYMEX markets traded in the green today after a Dow Jones report stated that Saudi Arabia will cut back production by 300k barrels per day after the summer season, this was coupled with EIA data showing that U.S crude inventories incurred a 4.2 million barrel draw last week.

Brent front-month contracts for September firmed up $0.08 cents settling at $53.38 per barrel while WTI contracts for September delivery were up $0.81 cent per barrel settling at $48.79.

The overall consensus in the market was that there would be a significant draw in U.S inventories but not at the level we witnessed today.

Although prices swung into the green, they did not firm like we have witnessed before on big draws.

Bunkers were mostly steady today in the primary ports.

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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