Bunker Prices Stable as Brent-WTI Spread Narrows

by Nick Bond, KPI Bridge Oil
Tuesday November 19, 2013

The Brent-WTI spread narrowed today, as the U.S. benchmark reversed from morning drops and settled higher on the day and Brent continued to slide throughout the session. 

Across the pond, Brent prices fell today as the situation in Libya improves and talks between Iran and Western countries are set to resume tomorrow.

A Libyan oil terminal loaded its first crude cargo in roughly a month, an oil ministry employee told reporters, giving signs to investors that the situation could continue to improve and allow more crude into the market. 

Many are also focusing on talks with Iran that are set to resume tomorrow, as investors anticipate that some good news regarding the country's nuclear program could result from the meetings and eventually lead to easing sanctions. 

In the states, analysts are expecting reports this week to show that crude stockpiles grew last week, though it wasn't enough to keep WTI down today. 

Prices rebounded after investors stopped betting the spread between the two contracts would widen, which supported the move in WTI. 

By day's end, Brent fell $1.55 to settle at $106.92/bbl, while WTI gained $0.31 to end the session at $93.34/bbl. 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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