WTI Up after Unexpected Inventories Report

by Tim Bonett, KPI Bridge Oil
Wednesday September 24, 2014

Oil prices were off early in the day but WTI received a shot in the arm from an unexpected inventories report.

Stockpiles fell by more than 4 million barrels though analysts were expecting a rise.

Refineries continue to produce high margin gasoline and distillates while delaying eventual seasonal maintenance runs.

Brent recovered early losses as well but watched the WTI/Brent spread narrow to $4.15.

The rise in WTI today is not seen as durable as the global supply situation remains much the same.

Bunker prices were firmer in the primary ports.