Crude Down as EIA Reports Rising US Inventories

by Tim Bonett, KPI Bridge Oil
Wednesday August 24, 2016

The recent headlines regarding a positive OPEC meeting met stiff headwinds today as the EIA reported US inventories rose across the board.

The build in crude inventories caught traders off guard and cast a gloomy cloud over the market today.

Weaker demand expected out of China may send prices closer to $45/bbl in the near term but expect any news ahead of the much anticipated OPEC meeting to add to volatility.

Bunker prices were soft 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.

To contact the editor responsible for this story email us at editor@shipandbunker.com