WTI Marches North on Stockpile News

by Tim Bonett, KPI Bridge Oil
Tuesday May 13, 2014

WTI marched north today as the market is expecting another draw on crude stockpiles.

Refineries are increasing production in anticipation of the summer driving season, only a few weeks away.

Brent followed suit as investors start to lose hope that oil exports out of Libya will regain steam.

However, Energy Secretary Ernest Moniz questioned the US ban on crude exports, citing the refinery capacities in the US being ill suited for the full utilization of the low density crude sourced to it.

Investors now await tomorrow's EIA report on crude inventories.

By the end of the session WTI gained $1.11/bbl, resting at $101.70. Brent rose $0.80/bbl settling at $109.24/bbl. Bunker prices were firming in the primary ports.