WTI Slides to 3 Month Low

by Mohammed Marzuq, KPI Bridge Oil
Wednesday July 8, 2015

Today crude futures were mixed, early in the trading day Brent front month contracts for August firmed significantly reaching highs of $57.75 per barrel but ended up loosing nearly 80% of all gains by the end of the trading day.

ICE contracts for August settled in the green up $0.20 cents from yesterdays close.

WTI contracts for August continued on the slippery slope we have witnessed lately and softened by $0.68 cents settling at 3 month low of $51.65 per barrel.

The market was reversed today when US data came out stating that crude stocks in Cushing, Oklohoma rose by 400K barrels last week, this was coupled with the ongoing Greek crises and Chinese stock dump; lets not forget the negotiations with Tehran.

Buyers were reluctant to buy today as the market rallied early in the day and we have advised bunker purchasers to not rush especially if they have outward positions 1 to 2 weeks out.

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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