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 rose by more than a dollar per barrel on Thursday due to supply disruptions in Libya and planned output cuts in Iraq, raising concerns about tighter global supplies. Brent crude increased by $1.29 (1.6%) to $79.94 a barrel, while U.S. West Texas Intermediate (WTI) rose $1.39 (1.9%) to $75.91 a barrel. More than […]
Oil prices dropped by 1% on Wednesday due to a smaller-than-expected decline in U.S. crude stockpiles and concerns about weak Chinese demand. Brent crude fell by 90 cents (1.13%) to $78.65 a barrel, and U.S. West Texas Intermediate (WTI) dropped $1.01 (1.34%) to $74.52. U.S. crude inventories decreased by 846,000 barrels last week, less than […]
On Tuesday, oil prices fell around 2% due to concerns over slower economic growth in the U.S. and China, which could reduce energy demand, following a 7% surge over the prior three days. Brent crude dropped $1.88, or 2.3%, to $79.55 a barrel, while U.S. West Texas Intermediate (WTI) crude declined $1.89, or 2.4%, to […]
Oil prices rose today on signs of improving demand. Prices drew support from expectations of strong U.S. gasoline demand, as motorist group AAA forecast this year’s Memorial Day travel activity will be the highest since 2005, with road trips at a record since 2000. On the supply front, investors are watching for potential oil supply […]
On Friday, U.S. light crude oil prices increased by more than 2% per barrel after U.S. Federal Reserve Chair Jerome Powell suggested that the central bank might be preparing to cut interest rates. Brent crude futures rose by $1.80 (2.33%) to $79.02 a barrel, while U.S. West Texas Intermediate (WTI) crude futures went up by […]
Oil prices were higher today trading up on hopes of a fed cut in a few weeks. Prices rebounded after four straight days of declines. On Wednesday, minutes of the Federal Reserve’s July meeting showed most Fed officials thought the central bank was on track for an interest rate cut next month. “The dollar has […]
Oil prices fell today trading down a two week low. US jobs data was revised down significantly today, with US employers adding far fewer jobs than originally reported. The department’s estimate for total payroll employment for the period from April 2023 to March 2024 was lowered by 818,000. “The market is now going from pricing […]
Oil prices were lower today trading down as Mid East tensions ease. U.S. Secretary of State Antony Blinken visited Egypt and pushed for progress toward a Gaza ceasefire and hostage release deal. Major differences still need to be resolved in talks this week. “There was probably around $4 to $8 of geopolitical premium baked into […]
Oil prices fell today by more than $2 on the prospect of successful Middle East talks and weakness in the Chinese economy. “This market is under pressure under expectations that they’re going to continue to hammer away at the ceasefire talks,” said Bob Yawger, director of energy futures at Mizuho in New York. China’s economic […]
Oil prices fell today closing out a volatile week little changed. On Thursday, data from China showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising. That has stoked worries among traders about a slump in demand from the top […]