Crude Markets Settle Mixed After a Volatile Day of Trading

by Nick Bond, KPI Bridge Oil
Tuesday August 20, 2013

After a volatile day of trading, crude markets settled mixed ahead of EIA statistics and Federal Reserve's board meeting, and ongoing concerns in Libya and Egypt.

In the United States, oil had a wild ride, but expired in the red as investors focus on tomorrow's EIA inventory report.

Many analysts are expecting the report to show that stockpiles fell slightly last week and refinery operations dropped as we near the end of the summer driving season.

Additionally, speculators have been anticipating that the central bank will begin reducing stimulus efforts next month, but are expecting this week's meeting to show a better timetable for that tapering. 

Across the Atlantic, Brent rose as Libya continues to supply only half what it was a year ago due to ongoing strikes at ports.

Additionally, the unrest in Egypt continues to spook investors as concerns of supply disruptions surround the Suez canal and Sumed pipeline.

Eyes now lie on the EIA's report due out at 10:30 tomorrow for a glimpse into the supply and demand picture in the states.

WTI for September settlement fell $2.14 to expire at $104.96/bbl, while Brent for October settlement gained $0.25 to end the session at $110.15. 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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