WTI Gains Continue as Distillate Inventories Plummet

by Tim Bonett, KPI Bridge Oil
Thursday January 23, 2014

Despite the first crude build reported in eight weeks, WTI marched north today as distillate inventories fell by 3.21 million barrels, more than six times the expected amount.

As stockpiles declined, demand for distillates rose by 1.5 percent last week.

Refinery utilization has also dropped 3.5 percent as units start to idle and planned maintenance takes place while crude production has reduced slightly from last week's 25 year high in daily output.

Brent slipped on news that China's manufacturing dropped and factory output may contract in January.

At the end of the session WTI rose $0.59, settling at $97.32 while Brent retracted $0.69, settling at $107.58. 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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