Crude Futures Bullish on Improvement in Chinese Stock Market

by Mohammed Marzuq, KPI Bridge Oil
Thursday July 9, 2015

Crude futures were like a bull in a china shop today after the Chinese stock market saw some improvement.

Furthermore, uncertainty with Tehran also helped drive crude futures into the green as many were expecting sanctions to be lifted in the near term.

ICE contracts for August delivery firmed 3% by the end of the trading day settling at $58.61 per barrel while NYMEX contracts for August saw gains over 2% settling at $52.78 per barrel.

There has been a tremendous amount of speculation these past few days on where the market will head.

Although the bulls have been successful in holding some of their long positions these past few months; facts are facts.

The global oil market is heavily oversaturated and the summer driving season will be coming to an end in the foreseeable future putting a dampening on crude futures.

We can expect some heavy volatility tomorrow and early next week leading into US stock data.

Bunkers were very firm today 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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