Oil Markets Rise as Cushing Stockpiles Fall to 17-month Low

by Nick Bond, KPI Bridge Oil
Thursday September 5, 2013

Oil markets on both sides of the Atlantic rose today, with WTI making the bigger jump as the EIA reported Cushing stockpiles fell to a 17-month low last week.

Markets were bouncing this morning but pushed higher after the Energy Information Administration's weekly inventory report showed that Cushing stockpiles fell by 1.8 million barrels last week and refineries operated at 91.7% capacity, the highest for the last week of August in seven years.

The draw on crude was the eighth in the past ten weeks and was helped by new pipelines and railroads that are moving crude out of Cushing to Gulf Coast refineries.

Markets lately have been following the situation in Syria, as investors fear that conflict could carry over into neighboring crude-producing nations.

Many now await the news on whether the full Senate will approve yesterday's resolution that the Foreign Relations Committee authorized, allowing the Obama to conduct limited strikes.

WTI gained $1.14 to settle at $108.37/bbl, and Brent rose $0.35 to settle at $115.26/bbl. 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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