Crude Prices Weaken as Inventories Rise, and Demand Lowers

by Nick Bond, KPI Bridge Oil
Monday October 21, 2013

Rising inventories and weak demand pressured prices lower today as the Energy Information Administration released its report for the week ended Oct 11th, which was delayed due to the government shutdown.

The EIA reported that U.S. oil supplies rose by 4 million barrels during that week, with Cushing showing a 366,000 barrel gain. 

The gains come as Gulf refiners trimmed operations from a month earlier as they enter their maintenance season.

Across the pond, Brent dropped today after the secretary-general of the OPEC said at a conference that global oil markets are adequately supplied.

Investors will keep their eyes on any more news surrounding sanctions on Iran as well as more data on supply and demand around the globe for some guidance on where oil will move.

WTI dropped $1.59 to settle at $99.22/bbl, while Brent came back $0.30 to end the session at $109.64/bbl. Bunker prices were stable 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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