WTI Down as Stockpiles Increase

by Tim Bonett, KPI Bridge Oil
Wednesday January 8, 2014

Despite the EIA's reported 2.68 million barrel draw on crude inventories, WTI headed south today on increasing stockpiles of products.

Both gasoline and distillate inventories rose by more than double the anticipated amount.

The EIA also reported total daily product demand slipped to the lowest level seen since June, further pressuring WTI.

Outside of the U.S., Libya's state-owned National Oil Corporation announced that the country's daily crude production has increased 260% since last month due to the recent resumption of pumping from the Sharara oil field.

Brent ended the day at $107.15, slipping $0.20, while WTI fell to $92.33, down $1.10. 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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