World News
WTI Up after Unexpected Inventories Report
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.