Crude Benchmarks Climb on Forecasted Global Growth

by Tim Bonett, KPI Bridge Oil
Tuesday January 21, 2014

Fresh off the U.S. Martin Luther King Holiday crude benchmarks climbed on forecasted growth in the global economy during the coming year.

The International Energy Agency expects global oil consumption to increase by 1.3 million barrels a day, led by China accounting for about 1/3 of this total growth.

The International Monetary Fund also revised its initial October estimate and raised its expectation for global growth to 3.7%.

The Brent premium to WTI is intact as global demand increases and U.S. crude exporting laws remain in place.

The WTI February contract expired today at $94.99/bbl, rising $0.62/bbl. Brent settled at $106.73, up $0.38/bbl. Bunker prices were stable to firm in the primary ports.

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