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 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 […]
Oil prices were higher today as Geopolitical tensions in the Middle East offset forecasts of slowing demand. Tensions continue to flare on the other side of the world and are showing no signs of slowing. Domestically, U.S. producer prices increased more than expected in January amid strong gains in the costs of services, which could […]
Oil prices were higher today as the dollar slid today after US retail sales fell more than expected. Retail sales dropped 0.8% last month, the Commerce Department’s Census Bureau said on Thursday. Data for December was revised lower to show sales rising 0.4% instead of 0.6%, as previously reported. The data prompted optimism around interest […]
Prices fell by over $1.00 today on surging US crude inventories and an otherwise bearish EIA report. “The refinery utilization rate is a pseudo disaster, down four to five weeks in a row at the end of winter” said Bob Yawger, director of energy futures at Mizuho, adding that refiners have kept activity slow even […]
Oil prices were higher today as geopolitical tensions in the Middle East Continued. Talks involving the U.S., Egypt, Israel and Qatar on a Gaza truce ended without a breakthrough as calls grew for Israel to hold back on a planned assault on the southern end of the enclave, crammed with over a million displaced people. […]
Oil prices were little changed today as concerns about interest rates and global demand caused the market to take a break after a strong week last week. “We will again note that global crude supply has yet to be significantly disrupted by the Mideast hostilities and that rerouted oil cargoes around the Red Sea have […]
Oil prices were higher today notching a weekly gain as supply concerns from the Middle east mounted. Prices were up 6% week over week following last weeks 7% loss. “We believe that this type of week-to-week wide price swings will further characterize the crude markets through the rest of this month short of major bullish […]
Oil prices were higher today on concerns of a broadening mid-east conflict after the proposed ceasefire between Israel and Hamas was rejected. “The market is holding its breath on what the next potential fallout could be,” said John Kilduff, partner with Again Capital LLC. Attacks on shipping by Iranian-backed Houthi rebels continued to disrupt global […]
Oil prices rose for a third consecutive day today boosted by a larger-than-expected fall in U.S. fuel stocks and continued tensions in the Middle East. According to the U.S. Energy Information Administration – gasoline stocks fell by 3.15 million barrels and distillate stocks fell 3.2 million barrels. Crude stocks, however, posted a larger-than-expected build of […]
Oil rises nearly 1% today as traders assessed a worsening geopolitical situation. U.S. Secretary of State Antony Blinken, on a Middle East trip to seek an end to the Gaza War, said a Hamas reply to a proposal for a cease-fire was being reviewed on today. Brent and U.S. crude futures initially climbed over $1 […]