WTI at 8 Month Low as US Production Hits 25 Year High

by Tim Bonett, KPI Bridge Oil
Thursday January 9, 2014

Crude continued it's downward trend today on the heals of yesterday's EIA inventory report.

Daily U.S. crude production remains at its highest levels in the past 25 years and refineries are operating near capacity.

However weak demand continues to pressure WTI, sending it today to an eight-month low.

Brent was propped up earlier in the day when reports surfaced of a shutdown to the North Sea's Buzzard oil field production but it could not be sustained as Libya's head of oil ministry's department touted increasing supply to the market.

WTI slipped $0.67 to $91.66, while Brent dropped $0.76, ending the session at $106.39. 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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