Crude Futures Reverse Yesterday's Gains

by Mohammed Marzuq, KPI Bridge Oil
Wednesday November 4, 2015

Crude futures reversed today on several key factors.

EIA data showed that U.S. inventories saw a 2.84 million barrel build in crude stocks for the 7th week in a row.

Adding further pressure on crude front month contracts was the U.S. dollar hitting 3 month highs which made commodities backed by the dollar less attractive to holders of other currencies.

Yesterdays price pump due to the Petrobras strike and key pipeline closures held little water today; even the distillates market softened after a respectable draw.

WTI contracts for December delivery settled down 3% while Brent December contracts softened nearly 4% by days end.

Although prices softened today the crude markets are still above the levels we had a few weeks ago.

What’s important to take note of is the dwindling spread between the ICE and NYMEX contracts.

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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