Crude Benchmarks Off to a Bearish Start

by Tim Bonett, KPI Bridge Oil
Monday January 6, 2014

Crude benchmarks got off to a bearish start for the first full week of 2014.

WTI dropped for a fifth straight trading day on news from The Institute for Supply Management that the U.S. service industries expanded at a slower pace than forecast in December.

Additional pressure cam from a report that daily U.S. fuel demand in the week ended Dec. 27 dropped to it's lowest level since October while inventories continue to rise.

Brent slid slightly as Libya resumed production in oil fields that had been disrupted boosting the country's production for the first time in 10 months.

WTI finished the day at $93.43/bbl, down $0.53 while Brent settled at $106.73/bbl, down $0.16. Bunker prices were stable to 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.

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