Crude Benchmarks Charge North

by Tim Bonett, KPI Bridge Oil
Wednesday January 22, 2014

Crude benchmarks charged north today after winter storm Janus dumped record snow in some parts of the Northeast U.S. and bitter cold is about to set in to the heavily populated region.

Also bolstering WTI today was the anticipation of tomorrow's EIA report which is expected to show a sharp decline in distillate inventories.

Later in the day TransCanada's CEO, Russ Girling, announced that the Cushing, Oklahoma to Nederland, Texas leg of the Keystone pipeline is open and delivering 300,000 barrels of crude a day to the Gulf Coast helping to relieve the pressure of increasing U.S. and Canada oil output.

By the end of the session WTI was up $1.74, settling at $96.73/bbl. Brent jumped $1.54, to $108.27/bbl. Bunker prices were firm 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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