Bunker Markets Firm as Crude Continues to Rise

by Nick Bond, KPI Bridge Oil
Wednesday August 28, 2013

Bunker markets continued to firm today, following the move in crude benchmarks on both sides of the Atlantic. 

News surrounding the Syria situation made investors nervous about what could happen next and if the conflict would spread to surrounding nations.

Prices have moved to new highs the last two days after Syria's government used chemical weapons against rebels.

Western countries stated that they were ready to take action on the situation, which could result in other Middle Eastern countries entering the conflict and lead to supply disruptions throughout the region.

This morning's EIA report was overshadowed by Middle East, but showed a gain of 3 million barrels in crude stockpiles, though a drop of 800,000 barrels at Cushing, the delivery point for WTI contract. 

Crude is reacting headline to headline as markets continue to remain well supplied, but the mere possibility of an interruption has speculators fearing the worst and is pushing prices higher. 

WTI gained $1.09 today, settling at $110.10/bbl, while Brent pushed up $2.33, settling at $116.61/bbl.

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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