Crude Futures Soar

by Mohammed Marzuq, KPI Bridge Oil
Wednesday February 3, 2016

Crude futures soared today as the market reacted to a soft dollar, making dollar denominated commodities like oil much more attractive to holders of other currencies.

Also helping with the rally was the Russians commenting that they are ready to talk OPEC and non-OPEC members about production cuts.

What’s interesting is that U.S. commercial crude stocks broke record highs last week after incurring 7.8 million barrel builds yet the market spiked after falling the last 2 trading sessions.

ICE contracts for April delivery settled firm, well above 8% since yesterdays close while WTI March contracts firmed over 7%.

Bunkers saw extreme volatility today in the primary ports but nevertheless, were firm throughout the day.

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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