The Petroleum Daily Report from PFL Petroleum Services LLC provides daily settlement prices for key petroleum commodities, including crude oil (Brent and WTI), natural gas, RBOB gasoline, ULSD, propane, and butane. Each report includes expert market commentary highlighting the key factors and events influencing commodity prices.
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Oil prices were mixed today as the market largely shrugged off the
impact of Hurricane Laura, but prices still headed for week over week gains for the fourth straight week.
Oil prices slipped today as US energy firms begin to tally the damage from Hurricane Laura which is now heading north
Due to technical difficulties there will be no commentary today
Crude oil prices rose today hitting five month highs as producers continue to shut Gulf Coast production.
Crude prices rose today as double trouble storms head for the Gulf. Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday in anticipation.
Oil prices fell today on continued demand concerns as the overall economic recovery in Europe is beginning to dwindle.
“While oil-market fundamentals may have started to normalize, much of the progress comes from the supply side, while demand continues to disappoint,”
Prices rose very slightly on positive inventory numbers, overshadowing demand worries. Crude stocks had a draw of 1.63MM/bbls vs a forecasted draw -2.74 MM/bbls as exports decreased 1MM/bpd.
“There are still ongoing concerns about COVID and there are continuing concerns about the lack of a deal in Congress for stimulus
China plans to boost US crude imports, even though they had been falling short of targets. Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September.