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 slightly lower today as headwinds continued to counterbalance wider expectations of an extension of output cuts. However, the end of a warm winter across the northern hemisphere is weighing on oil prices despite the OPEC+ announcement. U.S. product supplies of distillate fuel oil, which includes heating oil, declined in December to 3.61 […]
Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter. “The expectation that OPEC+ is going to continue with their voluntary production cuts well into the second quarter of 2024 is the main focus on the market,” said Andrew Lipow, president of […]
Oil prices were lower today as US inflation data implied a softening of the US economy. “The economic data, which is mixed, is helping to argue for interest rate cuts for the Fed, which is supportive of oil demand,” said John Kilduff, partner with Again Capital LLC. “At the same time, those cuts are going […]
Oil prices were mostly flat today after the Fed held firm on its decision to hold off in rate cuts in the near future. U.S. crude inventories rose by 4.2 million barrels last week, surpassing analysts’ expectations of 2.74 million. Stockpiles have risen for five consecutive weeks due to unplanned refinery outages following a winter […]
Oil prices were higher today, rising about $1/bbl as OPEC+ is contemplating extending voluntary output cuts. Sources are telling Reuters OPEC+ could keep the additional cuts in place until the end of the year. “We are going to see some tight supplies down the road,” said Dennis Kissler, senior vice president of trading at BOK […]
Oil prices were higher today but underlying concerns remain, especially in the diesel market. A slump in U.S. refining activity and disruptions to global trade have tightened diesel supplies in recent weeks, dampening historically high U.S. diesel exports to Europe this month. U.S. diesel cracks briefly surged to a four-month high of more than $48 […]
Oil prices were lower today closing out the week down despite indications of healthy fuel demand and supply concerns stemming from the Middle East tensions. Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb […]
Oil prices were higher today buoyed by hostilities in the Red Sea. Yemen’s Iran-aligned Houthis will escalate their attacks on ships in the Red Sea and other waters and have introduced “submarine weapons,” the group’s leader said on Thursday, as it keeps up attacks on shipping. On Thursday, the premium for front-month WTI crude futures […]
Oil prices were higher today as contracts fell further in backwardation. Also supporting the market, U.S. refineries are showing signs of returning from maintenance after slumping to their lowest operating rates since December 2022, spurring builds in crude stockpiles. “Recent refinery outages led to some crude oil builds across the globe but these could be […]
Oil prices were lower today with worries about global demand offsetting price support from Middle East tensions. China announced its biggest ever reduction in the benchmark mortgage rate, the largest since the reference rate was introduced in 2019 and far more than analysts had expected. “The fact that the crude market hasn’t responded more positively […]