Keeping an eye on bunkers. Your weekly bunker update powered by InterContinental Bunkering.
Brent crude futures fell 11 cents, or 0.2%, to $50.65 a barrel at 0421 GMT Wednesday before softening further to $50.48 at 0730GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $47.53 a barrel.
Crude inventories swelled by 2 million barrels in the week to Dec. 11 to about 495 million barrels, according to industry group API, as the figures were released last night at 2130GMT.
Analysts have expected a draw of 1.9 million barrels which could explain why crude prices softened from the day before. The news of a crude build dampened the progress made in the US stimulus package talks. US crude imports fell by 68,000 barrels per day.
Distillates such as diesel and heating oil inventories rose by 4.8 million barrel, again after an expected build of only 886k barrels.
We await the figures from the EIA today after last week’s figures noted a 15 million barrel build in crude.
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