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 fell today by more than $1/bbl as skepticism about an OPEC+ decision to boost supply later this year weighed on markets. “My base case is that the market is over-reacting to the OPEC announcement,” said Phil Flynn with Price Futures Group. The planned October unwinding adds jitters about oversupply in an environment where […]
Oil prices were lower today trading down as investors worried that a complicated OPEC+ decision could lead to higher supplies later in the year. “The communication of a surprisingly detailed default plan to unwind extra cuts makes it harder to maintain low production if the market turns out softer than bullish OPEC expectations,” Goldman Sachs […]
Oil prices were lower for the day and week over week as investors are watching the OPEC+ meeting this Sunday that will determine the fate of the groups output curbs. “It’s the trepidation ahead of the OPEC meeting over the weekend,” said Matt Smith, lead analyst at Kpler, referencing the potential for the group to […]
Oil prices fell today after a surprise build in fuel inventories. Analysts had expected the U.S. Memorial Day holiday on May 27, the start of the U.S. summer driving season, would boost fuel demand. Yet EIA’s measure of gasoline demand slipped about 2% from the prior week to 9.15 million barrels per day. “I was […]
Oil prices eased today on gasoline demand worries. Worries about U.S. gasoline demand, meanwhile, have kept gasoline futures prices near a recent two-month low, cutting gasoline and 321- crack spreads, which measure refining profit margins, to their lowest levels since February. “Gasoline demand (is) still surprisingly weak in keeping supplies near normal levels as bullish […]
Oil prices were higher today gaining more than $1/bbl on the expectation that OPEC+ will maintain supply curbs. “This week’s upside follow through is being facilitated by a significant weakening in the dollar and a growing consensus that OPEC+ will extend production cuts at the upcoming weekend meeting,” said Jim Ritterbusch of Ritterbusch and Associates. […]
Oil prices rose on Friday, but fell for the week on worries that strong U.S. economic data would keep interest rates elevated for a longer period, curbing fuel demand. U.S. West Texas Intermediate (WTI) crude futures settled 85 cents, or 1.1%, higher to $77.72. Worries over Federal Reserve interest rate policy and last week’s bump […]
Oil prices fell for a fourth consecutive session on Thursday and settled at multi-month lows as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world’s biggest oil market. West Texas Intermediate (WTI) crude futures fell 70 cents per barrel, or 0.9%, to close at $76.87 a barrel, a three-month […]
Oil prices slipped today for a third straight day as Fed officials rekindled worries about oil demand by indicating interest rate cuts may be deferred longer than expected. Minutes released today from the Feds last meeting indicated they believe inflation could take longer to ease then previously thought. Crude stocks rose last week by 1.8MM/bbls […]
Oil prices fell today as lingering US inflation looked likely to keep interest rates higher for longer. “The market is very focused on gasoline demand in the U.S. because there are signs that consumers are cutting back because of inflation. Unless that turns around, the market is suggesting things could be a little bleak,” said […]