Small Gains for Crude as Libyan Production Continues to Struggle

by Nick Bond, KPI Bridge Oil
Monday November 4, 2013

Crude markets ended the session just slightly higher after news reports this afternoon stated that Libyan production is still struggling to reach normal levels after the recent labor disputes. 

Prices were in the red this morning, with WTI hovering near a four-month low after continuing speculation that United States crude supplies are on the rise. 

Last week's EIA Inventory report showed a 4.1 million barrel gain, and many are now waiting to see if this week's report will show additional gains. 

After the morning drops, both benchmarks rebounded with Brent getting most the support as reports stated that Libyan production as of yesterday was only 250,000 barrels per day, much lower than October's average of 450,000 bpd.

However, news that loadings will resume at the port of Hariga next week kept gains in check.

Investors have their sights on this week's inventory report for the accurate picture of supply & demand in the states. 

WTI gained just $0.01 to settle at $94.62/bbl, while Brent rose $0.32, settling at $106.23/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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