Drop in Gasoline Stockpiles Prompts Rise in Crude Futures

by Tim Bonett, KPI Bridge Oil
Wednesday August 3, 2016

U.S. crude inventories rose in a surprise move for a second straight week but was overshadowed by the severe drop in gasoline stockpiles of 3.3 million barrels.

The drop is gasoline figures caught the market off-guard but the sustainability of today's rally is in doubt.

The build in crude stockpiles despite an uptick in refinery utilization may be a clear indicator that the market is headed towards more saturation.

Bunker prices got a reprieve from recent pressure for at least one day and were firm in the primary ports.

WTI September $40.83/bbl (+$1.32/bbl)
Brent August $43.10/bbl (+$1.30/bbl)

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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