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 as global tensions outweighed concerns about Chinese demand. On Monday, both crude contracts fell by more than $1 as a deepening real estate crisis in China fueled concerns over demand in the world’s biggest crude consumer, with a Hong Kong court ordering the liquidation of property company China Evergrande Group. […]
Oil prices fell today after trading up earlier in the session. Both benchmarks had gained about 1.5% early in Monday trade, with Brent prices touching their highest since early November after a fuel tanker was hit by a missile in the Red Sea and U.S. troops were attacked in Jordan near the Syrian border. The […]
Oil prices were higher today and rose for a second week in a row. This was the highest close in nearly months as positive US economic growth and signs of Chinese stimulus boosted demand expectations. “Economic stimulus from China, stronger-than-expected 4Q GDP growth in the U.S., cooling U.S. inflation data, ongoing geopolitical risks, and the […]
Oil prices were higher today gaining about 3% to settle at the highest close since December. Geopolitical tensions in the Middle East and disruptions to shipping in the Red Sea corridor remained in focus during today’s session. “We are finally seeing energy markets wake up to the distinct possibility that these supply chain disruptions will […]
Oil prices edged up slightly today on bigger than expected inventory draws and the ongoing slump in US crude output. “It’s a weather report all-around … Nobody was driving (last week). One big number is domestic production was down, and Bakken production took a big hit,” said Bob Yawger, director of energy futures at Mizuho. […]
Oil prices settled lower today as traders focused on rebounding crude outputs in parts of the US. In ND, the third largest oil producing state, production is coming back online according to the states pipeline authority. Production is still down approx. 300K bpd. “You’ve got the geopolitical pressures that aren’t enough to really rally the […]
Oil prices rose about 2% today over concerns of a global energy supply crunch. Severe cold weather across the U.S. is limiting crude oil output in North Dakota, as well hampering production in other states, said Phil Flynn, analyst with Price Future Group. Meanwhile Global oil production is higher while the growth outlook in China […]
Oil prices settled slightly lower today but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies. In China, slower-than-expected economic growth in the fourth quarter raised doubts about forecasts that demand there will drive global oil growth in 2024. U.S. West Texas Intermediate […]
Oil prices were higher today after the IEA joined OPEC in forecasting strong growth in global oil remand. Also helping prices, cold weather disrupted US crude output. In the United States, about 40% of oil output in North Dakota’s oil output remained shut-in due to extreme cold weather and operational challenges, the top oil-producing state’s […]
Oil prices were mostly flat today as severe cold disrupted some US oil production offsetting weaker than expected economic growth numbers out of China. Weakening prices today, China’s economy in the fourth quarter expanded by 5.2% year on year, missing analysts’ expectations and calling into question forecasts that Chinese demand will fuel 2024 global oil […]