WTI Dips Below $80/bbl for the First Time in Four Years

by Brian Coyne, KPI Bridge Oil
Thursday October 16, 2014

Oil prices bounced today after dipping below $80 bbl (WTI) for the first time in four years. 

Inventories in the United States indicated increases in supplies of crude oil, but declines in products. 

This bit of news seemed to be what the speculators needed to move prices up. 

We do not anticipate this to necessarily be the end of the downward spiral just yet, but the pace at which oil prices have declined over the last few weeks will definitely not be maintained. 

It is not unreasonable to expect another $10 per barrel decline in oil prices, but this is going to go into the winter months and should not be expected before Christmas. 

Bunker buyers should however clear their desk of any pending orders to try and capture as much of the downside as they can.