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 higher today settling higher on the possibility that OPEC+ will extend or deepen supply cuts. The group will meet on Thursday to discuss 2024 after initially pushing back the meeting last week. “We believe the market’s primary focus surrounds the continuation of Saudi Arabia’s additional voluntary cuts of 1 million barrels per […]
Oil prices fell today, with the Brent closing below US$80 per barrel as investors await this week’s OPEC+ meeting now postponed to November 30th – who knows what these guys are thinking! U.S. West Texas Intermediate crude futures lost 68 cents per barrel, or 0.9%, to close at $74.86 per barrel. Brent crude futures closed […]
Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium, but prices were up slightly week over week – the first week over week gain in over a month. OPEC+ has a meeting next week to decide on production cuts in 2024. Meanwhile Canada continues to wait for […]
Oil prices fell today in a volatile session. OPEC+ producers unexpectedly announced they would delay the upcoming meeting on production cuts, raising questions about global crude supplies. The meeting was postponed from Nov. 26th to Nov 30th. U.S. crude oil inventories rose by 8.7MM/bbls last week on higher imports. The U.S. dollar bounced back from […]
Oil prices were mostly flat for the day. Prices pared losses late, with one more session before the U.S. Thanksgiving holiday on Thursday, which typically yields lower trading volumes in oil. “Going into the long weekend the market would rather be a little bit long than short,” said Andrew Lipow, president of Lipow Oil Associates. […]
Oil had a stronger session today boyed by expected OPEC+ production cuts. Both benchmarks have plunged for four straight weeks, but started to rebound on Friday, settling 4% higher on profit-taking and after three OPEC+ sources told Reuters that the producer group is set to consider whether to make additional supply cuts when it meets […]
Oil jumped 4% after a week-long selloff, on the back of short covering and U.S. sanctions on some Russian oil shippers but fell for a fourth week in a row. West Texas Intermediate crude rose $2.99 per barrel today, (+4.1%) to close at $75.89 per barrel. Brent crude futures settled up $US3.19 per barrel (4.1%) […]
Oil prices slumped today to four month lows dropping around 5% on the day. Investors remain worried about global oil demand exacerbated by weak data from the US and Asia. Both contracts also traded deeper into contago. “The mood is negative, the charts are negative,” said Phil Flynn, an analyst at Price Futures Group. “It’s […]
Oil prices tumbled today on the EIA report showing a larger than expected rise of crude inventories. Crude stocks rose by 3.6MM/bbls last week far exceeding expectations of a 1.8MM/bbl jump. “U.S. supply activity is headwind for the market, and U.S. is a problem for OPEC+,” said John Kilduff, partner at Again Capital LLC in […]
Oil prices were flat for the day after rising earlier in the session. In early trade, both crude benchmarks rose by over $1 a barrel after the International Energy Agency (IEA) boosted its demand growth forecasts and the U.S. dollar fell on data showing inflation was slowing in the world’s biggest economy. Uncertainty over tomorrow’s […]