Crude Oil Futures Hit Lowest Levels Seen in 6 Consecutive Years

by Mohammed Marzuq, KPI Bridge Oil
Monday March 16, 2015

Today crude oil futures hit the lowest levels seen in 6 consecutive years.

Early in the trading day WTI fell tremendously under $43 a barrel. By days end it settled at $43.88.

Brent front-month contracts for the last day April fell nearly 3 percent as well, we are seeing the downward trend in crude futures due to several implications both domestically and abroad.

Recent market data has exemplified that there are more than 3 million barrels were added to Cushing, Oklahoma last week, inducing worry that stockpiles in the states could soar to record highs for a 10th straight week in a row.

Furthermore, speculators are enticed by the position being taken with respect to Libya as their output has risen to 490K barrels per day.

Similarly, speculators fear that Iran is on the brink of closing a political deal that would remove sanctions.

Ultimately this leaves the bunker buyer in a great position and it's up to them whether to wait for further falling prices or fix now with less risk.

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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