Crude Slips Again As Record U.S. Inventory Levels Continue

by Tim Bonett, KPI Bridge Oil
Thursday May 1, 2014

Crude slipped again today as we continue to have record U.S. inventory levels pressuring benchmarks and resurging supply out of Libya.

The tension in Russia does not seem to be able to keep prices afloat and barring unforeseen circumstances we may be headed for a bit of a correction.

Chinese manufacturing grew less than anticipated and U.S. jobless claims rose, creating bearish recipe for investors.

On Thursday Libya began loading its first crude tanker for export from an oil port that had been closed for the past 10 month, signaling increased supplies are heading to the market.

By the end of the trading session WTI had slipped $0.32/bbl, settling at $99.42/bbl. Brent fell $0.31/bbl, finishing at $107.76/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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