Crude Down After Shut Pipeline Prompts Early Gains

by George Belekos, KPI Bridge Oil
Tuesday November 1, 2016

An explosion along the Colonial pipeline shut production today and had oil prices in positive territory throughout the morning hours.

However, as news trickled out that another pipeline was opened to relieve the bottleneck prices faded and eyes returned to OPEC.

Tomorrow the EIA is expected to report builds in last week's crude inventories but this may be a song we are all too familiar with as 7 out of the last 8 weeks have seen draws.

Bunker prices were firm to start but retreated by days end.

WTI December $46.67/BBL DOWN -$0.19/BBL
Brent December $48.14/BBL DOWN -$0.16/BBL

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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