WTI Drops Below $100/bbl as US Crude Stockpiles Climb

by Tim Bonett, KPI Bridge Oil
Wednesday March 12, 2014

US crude stockpiles climbed three times the expected amount sending WTI well below the $100/bbl mark and broadening the WTI/Brent spread.

Demand of distillates and gasoline remain strong but it was not enough to overcome the build in crude supplies.

The US government also announced a test sale of 5 million barrels of sour crude reserves to test the distribution system.

Tension in Libya continues as the prime minister was ousted yesterday after 17 months in office, limiting Brent’s retreat.

By the end of the trading day WTI had dropped $2.04/bbl, settling at $97.99. Brent slipped $0.53/bbl, finishing at $108.02. Bunker prices were softening in the primary ports.

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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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