Tuesday Oil Markets Settle in the Red

by Nick Bond, KPI Bridge Oil
Tuesday November 26, 2013

Oil markets bounced around today before settling in the red on both sides of the Atlantic. 

Prices were pressured today ahead of Wednesday's Energy Information Administration inventory report on U.S. Supplies, which many are expecting to show an increase in domestic crude stockpiles for the 10th week in a row. 

The American Petroleum Institute reported today that crude stockpiles gained 6.9 million barrels, with Cushing showing gains of approximately 651,000 barrels. 

Production in the states has climbed to 20-year highs AND has kept markets in check, though increasing refinery runs and demand for petroleum products has some speculators believing crude supplies could begin to come back. 

Investors will eye down tomorrow's report for a supply & demand picture in the United States before heading into the Holiday Weekend. 

WTI fell $0.41 to settle at $93.68/bbl while Brent settled at $110.68/bbl, down just $0.12. 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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