Crude Futures Continue to Tumble

by Mohammed Marzuq, KPI Bridge Oil
Thursday November 12, 2015

Crude futures took another beating today after EIA stats showed a much larger build in U.S. inventories than anticipated.

Crude stocks saw a build of more than 4 million barrels while distillates rose 350k barrels as speculators were expecting a 1 million barrel draw in diesel/heating oil.

WTI contracts for December delivery softened to prices we haven't seen since late August, nestling in at a cool $41.75 per barrel.

Brent front month contracts settled down 3% to $44.06 per barrel.

There is still a negative outlook for oil as OPEC has signaled they are not ready to cut back production as we approach their Vienna meeting next month coupled with the nearing of Iran production coming online.

Bunkers were very soft across the board 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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