Inventories disappointed and oil prices fell 2% during today’s trading session.
Crude stocks actually fell a bit more than expected though much could be attributed to the abbreviated closure of the Keystone pipeline last month.
However, it was distillates that surprisingly rose and created a hurdle and the subsequent slide.
Prices were susceptible to a sell-off after the recent run up and today's inventory report provided the kickstart.
Bunker prices were softer in the primary ports.
WTI JAN $55.96/BBL DOWN -$1.66/BBL
Brent FEB $61.22/BBL DOWN -$1.64/BBL
Tim Bonett, Broker & Trader, KPI Bridge Oil