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 ended the volatile week lower, trading slightly higher for the day
as Canadian and US producers continue to cut rig count.
Crude oil prices had another strong day in the market today with the last two days amounting to a 40% rally in the prompt month WTI contract.
Crude prices rallied today in a sign of increased market stabilization as some production is shuttered and inventories swell.
Oil traded down significantly today in what was both a bizarre and unprecedented move. The front month WTI contract printed negative today for the first time in history
Oil just posted its 7th negative week over the last 8 weeks, although some optimism began to develop around a gradual economic reopening and oil production agreements kicking in.
In the last four weeks alone we have wiped out nearly all of the new jobs since the Great Recession in 09
Crude oil prices fell again today, with WTI settling below $20/bbl, falling to 18 year lows on a historic and much larger than anticipated build in crude inventories. Crude stocks grew by 19.2MM/bbls, compared with what the API estimated would be a build of 13MM/bbls. Analysts had expected something even more moderate, at a build […]
Oil fell more than 10% today as demand fears continue to outweigh any positive developments on the supply side.
Despite cuts amounting to roughly 10% of global supply, in the short term it may have already been priced in.