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 steadied on Thursday amid mixed signals regarding crude demand. Brent futures rose by 3 cents to settle at $85.11 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by 3 cents to $82.82 per barrel. Investors were torn between concerns about a U.S. economic slowdown and rising expectations that the Federal Reserve […]
Oil prices were higher today trading up after a bigger than expected weekly drop in US crude inventories. Crude inventories fell by 4.9MM/bbls, compared to a forecasted draw of just 30K/bbls. In U.S. refining news, the diesel and 321- crack spreads, which measure refining profit margins, fell to their lowest levels since December 2021 and […]
Oil prices were lower today for the third straight session on worries of a slowing Chinese economy crimping demand. “Weaker economic data continues to flow from China as continued government support programs have been disappointing, with many of China’s refineries cutting back on weaker fuel demand,” said Dennis Kissler, senior vice president of trading at […]
Oil prices were lower today easing down as worries about Chinese demand offset more supportive news. “Chinese data including refinery runs and crude imports are not supportive,” said UBS analyst Giovanni Staunovo. “But demand growth elsewhere is still healthy.” In the US, Federal Reserve Chair Jerome Powell said inflation readings for the second quarter do […]
On Friday, oil futures prices closed lower due to weaker U.S. consumer sentiment and hopes for a Federal Reserve rate cut in September. Brent crude fell by 37 cents, or 0.4%, to $85.03 a barrel, and U.S. West Texas Intermediate (WTI) decreased by 41 cents, or 0.5%, to $82.21 a barrel. Over the week, Brent […]
Oil prices rose today for the second day with Brent settling above $85/bbl as hopes for US interest rate cuts rose after an expected slowdown in inflation. Slowing inflation and interest rate cuts will likely spur more economic activity, Growmark Energy analysts said. Fed Chair Jerome Powell acknowledged the recent improving trend in price pressures, […]
Oil prices were higher today trading up after a jump in US refinery activity last week drove a larger than expected decline in gasoline and crude inventories. Crude inventories fell by 3.4MM/bbls vs a forecasted decline of 1.3MM/bbls. Gasoline stocks fell by 2MM/bbls compared to a 600K/bbl expected draw. Geopolitical risk did little to move […]
Oil prices eased today after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after oil producing hubs suffered less damage than originally feared. Although some offshore U.S. production sites were evacuated, ports closed and refining slowed, major refineries along the country’s Gulf Coast appeared to sustain minimal impact after Beryl weakened into […]
Oil prices fell to a one-week low, with Brent futures falling 79 cents (0.9%) to $85.75 a barrel and U.S. West Texas Intermediate (WTI) crude decreasing 83 cents (1.0%) to $82.33. This decline was influenced by Hurricane Beryl, which shut down refineries and ports along the Gulf of Mexico, and optimism over a potential ceasefire […]
Oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. On the supply side, Hurricane Beryl, a Category 2 storm, made landfall in Mexico, after killing least 11 people in the Caribbean, tearing through buildings […]