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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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 […]
Oil prices were higher today gaining about 1% on a larger than expected decline in crude inventories. Crude inventories fell by 12.2 MM/bbls vs a 680K/bbls forecasted draw. “Strong exports, a slight drop in imports, and a rebound in refinery runs colluded to draw crude inventories by a whopping 12 million barrels,” said Kpler oil […]
Oil prices were lower today after hitting multi-month highs earlier in the session. Fears of Hurricane Beryl are fading and some of that premium has been taken out of the market. “Markets came to the realization that Beryl is not going to shut down any major amounts of offshore oil production,” Flynn said. “We may […]
Oil had a strong session today on geopolitical tensions, a storm brewing and summer driving season here in the US. “The (energy) complex is beginning this new week in strong fashion as it continues to acquire support from … increasing geopolitical risk premium related to Israel-Hezbollah tensions (and) bullish demand expectations for this month with […]
Oil prices were mostly flat for the day today. U.S. oil production and demand rose to a four-month high in April, despite that, demand for gasoline fell to 8.83 million barrels per day, its lowest since February, “The monthly report from the EIA suggested the gasoline demand was pretty poor,” said Phil Flynn, analyst at […]