Oil Markets See Little Direction on Thursday

by George Belekos, KPI Bridge Oil
Thursday January 29, 2015

There was little direction in the oil markets today as WTI increased less than a dime and Brent $0.66 bbl. 

That being said the spread between WTI and Brent is the widest it has been in a month as oil producers in the US have inventories soaring in this country and no place to export it. 

Seasonal maintenance at the nations refineries is also keeping crude inventories elevated. 

The oil market is looking for a bottom and has a lot of resistance to lower prices at these levels. 

It remains to be seen how long the speculators can hang on, but we do not think the bottom is here yet. 

Bunker prices were stable to firm in the primary ports.

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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