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 rose today but still closed down week over week, ending a streak the longest streak of week over week gains so far in 23. “Concerns for investors remain focused on the tension between slowing global growth and still-tight global supplies,” said Rob Haworth, senior portfolio manager at U.S. Bank Asset Management. “Prices are […]
Oil prices were higher today after falling for three straight sessions as the dollar weakened and Chinas central bank pledged to keep liquidity ample. China also made a rare draw into crude inventories dipping into storage for the first time in 33 months. In the states, US gasoline inventories are at their lowest level in […]
Oil prices were lower today despite a large drawdown of crude inventories. U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates, despite crude production rising to its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday. “This week’s draw […]
Oil prices fell today over 1% for the second day in a row as poor Chinese economic data gave pause to the recent rally. Weighing on sentiment, China’s industrial output and retail sales data showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates […]
Oil prices dipped today on worries of Chinas faltering economic recovery. With fading hope China’s economy will return to pre-pandemic levels of demand, oil markets have little to pin their hopes to for future growth, said Walter Zimmerman, chief technical analyst with ICAP-TA. “The problem is as China increasingly proves unable of getting out of […]
Oil prices were higher today, buoyed by tightening supplies and forecasted record global demand. The IEA estimated that global oil demand hit a record 103MM/bpd in June and could reach a new peak this month. At the same time Saudi Arabia and Russia are cutting production setting the stage for inventory declines over the rest […]
Oil prices were lower today after some profit taking. Both benchmarks have been on a sustained rally since July. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region […]
Oil prices hit new highs today with Brent trading at its highest since January and WTI trading at its highest since November of last year. Gasoline and distillate inventories continue to draw down as stocks had a draw of 2.7MM/bbls and 1.7MM/bbls respectively. “The draws in refined products continue to be bullish for the oil […]
.Oil prices were slightly higher today after trading down big early in the session but rebounding after the EIA forecasted GDP growth to rise 1.9% in 2023. The EIA also expects Brent crude oil prices to average $86 in the second half of 2023, up about $7 from the previous forecast. U.S. crude production is […]
Oil prices settled traded down today on a rising dollar and fears of weaker than expected demand out of China. “The summer driving season is winding down in the United States,” said Robert Yawger, director of energy futures for Mizuho Securities USA. “If you don’t need as much gasoline, you don’t need as much oil.” […]