Greater than Expected Rise in U.S. Crude Supplies Diminish WTI Gains

by Tim Bonett, KPI Bridge Oil
Wednesday February 12, 2014

Today's EIA report showed supplies at Cushing Oklahoma, delivery point for Nymex futures, fell to its lowest level since Nov 1st supporting WTI in early morning trading.

However, U.S. oil demand shrank for a second week and total U.S. crude supplies rose more than expected deflating earlier gains.

In news abroad, China imported a record volume of crude in January, supporting both crude benchmarks.

By the end of the trading day WTI gained $0.43/bbl, settling at $100.37/bbl while Brent ticked up $0.11/bbl, finishing at $108.79/bbl. 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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