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 lower today as expectations are rising that the US and Venezuela will reach a deal easing sanctions on their crude exports. “The reported deal … would help to raise the country’s oil output from very depressed levels,” said William Jackson, chief emerging markets economist for Capital Economics. “But the sector requires enormous […]
Oil prices jumped today rallying to close at the week on rising mid east tensions. The conflict in Israel is not expected have a major impact on oil and gas supplies but market participants are assessing how it could escalate to a broader regional conflict and what problems that could cause. If the U.S. tightens […]
Oil prices were up earlier in the session but traded down after a surprise build in crude inventories. Crude inventories rose by 10.2MM/bbls last week much higher than analysts’ expectations of a500K/bbl build. Lower refining utilization rates and higher net imports added to the crude build, said Bob Yawger, director of energy futures at Mizuho. […]
Oil prices fell today trading down 2% as Saudi Arabia pledged to help stabilize oil markets if there were any disruptions as a result of the ongoing middle east conflict. Mercuria sees prices hitting $100/bbl if the situation escalates further. “The only thing that is becoming clear for energy traders is that the road for […]
Oil prices were lower today but traded up from session lows reached earlier in the day. “Today it’s more like a ping pong game of fear-on, fear-off rather than trading on fundamentals,” said Phil Flynn, an analyst at Price Futures Group. Brent and WTI had surged more than $3.50 on Monday as the military clashes […]
Oil prices surged today, recouping some of last weeks losses as tensions in the middle east cause fears of a wider conflict potentially disrupting oil flows. “The most serious outcome for crude is that the conflict escalates into a more devastating proxy war which could affect crude supply,” said Rebecca Babin, senior energy trader at […]
Oil prices managed a gain today but still suffered steep losses week over week, with the largest weekly decline since March. Brent posted a weekly decline of 11% while WTI posted a drop of 8%. US job growth surprised to the upside, far exceeding analysts forecasts and increasing worries of further rate hikes. “Today’s (jobs) […]
Oil prices were lower again today extending yesterday’s losses as worries about fuel demand are outweighing OPEC+s decision to main oil output cuts. Brent and WTI have declined about $10/bbl in less than 10 days. “This is typical speculative trading activity – trying to make the best out of a bad situation after the bloodbath […]
Oil prices tanked today falling more than 5.5% as fuel demand destruction and a bleaker macroeconomic picture took center stage. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year. Some of that lost demand could be attributed to torrential rainstorms […]
Oil prices rebounded today settling slightly higher. Prices have been under pressure lately as the dollar continues to gain, rising today to a 10 month high. A tight labor market has prompted fears the Fed could continue to raise interest rates. “We have seen an incredible increase in the yields and the dollar and that’s […]