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 pries were higher today as ongoing tensions in the Middle East lent support to prices. Meanwhile, investors were left disappointed after the Federal Reserve pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year. “The market is holding its breath […]
Oil prices were higher today trading up as the EIA raised its global oil demand growth forecast. “We’re now at least considering the idea that maybe demand will pick up in the second half, and the market may actually need some additional OPEC+ supply,” said Tim Evans, an independent energy analyst. U.S. crude oil output […]
Oil prices closed higher on Monday to a one-week high, driven by expectations of increased summer fuel demand. Brent futures rose 2.5% to $81.63 up $2.01 per barrel, and U.S. West Texas Intermediate (WTI) crude climbed 2.9% to $77.74 up $2.21 per barrel, both reaching their highest close since May 30. Despite this optimism, there […]
Oil prices were lower today posting their third straight weekly loss as investors weighed OPEC+ reassurances against the latest US jobs data that lowered expectations of a looming Fed rate cut. “The jobs report indicated higher rates for longer,” said Andrew Lipow, president of Lipow Oil Associates. “That tends to dampen enthusiasm on the oil […]
Oil prices were higher today, trading up after the ECB opted to cut interest rates. The move spurred hopes that the Fed will follow in their footsteps. This is kind of a good news/bad news situation. “Today the ECB rate cuts are helping, and casting a view that the Fed will finally follow suit here […]
Oil prices climbed today rebounding from four-month lows as hopes of an interest rate cut in September outweighed demand concerns from todays EIA report. “Data outside of the oil world was sufficiently weak that it’s going to give cover to the Fed to finally cut rates and spur some growth,” said John Kilduff, partner at […]
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 […]