Crude Firms as EIA Report Offers Few Surprises

by Tim Bonett, KPI Bridge Oil
Wednesday August 23, 2017

Today's EIA report went almost as expected.

US crude stockpiles declined 3.3 million barrels last week for an eighth consecutive week.

However, the level of production also increased by 26,000 barrels a day limiting the gains in crude prices.

The silver lining in today's report may be that production numbers are starting to slow down.

Production is still at levels not seen in 2 years and is the largest headwind to crude prices.

Bunker prices were firmer in the primary ports.

WTI Sept $48.41/BBL UP $0.77/BBL
Brent Oct $52.57/BBL UP $0.67/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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