The Daily Report, by PFL.

Oil prices were relatively quiet today as not much major market moving news out there.

The draw was a big relief for inventories, especially as it followed a week of builds, putting traders at ease that supply doesn’t overwhelm demand for the time being

The market was led up by a significant draw in crude oil as the refining industry continues to turn the crude oil surplus into refined products

Oil prices eased today as geopolitical tensions are rising as two supertankers were seized in Indonesian waters for suspected illegal oil transfers.

Oil prices were flat today as the impressive rally over the last few months begins to steady. Concerns are rising about a sustained recovery in global fuel demand especially as cases are on the rise in Europe and China.

Oil prices traded down today retreating from 11 months highs on the back of a larger than expected inventory build. Crude oil inventories were 4.35MM/bbls higher, while the forecast was for a draw of -1.29MM/bbls

No commentary today

The oil market was bullish today on the back of Biden’s inauguration as the new administration plans to increase stimulus and enact policy to tighten crude supply.

Oil prices rose today buoyed by rising equities heading into tomorrow’s inauguration. There is a lot of optimism in oil markets on proposed stimulus