Crude Prices Edge Closer to $50/bbl

by Tim Bonett, KPI Bridge Oil
Wednesday May 25, 2016

Crude prices marched ever closer to the $50/bbl level today as the inventory draw bested some expectations.

Analysts polled before the release were expecting a 2.5 million barrel draw and the 4.2 that was reported sent prices north. 

Although temporary, the recent supply disruptions have started a rebalancing act of the global surplus situation.

The bulls are confident that the fundamentals are supporting current levels and this may be the last day we see levels in the 40s.

Bunker prices were firmer in the primary ports.