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 climbed higher today about 1% reversing some of yesterday’s losses. “Futures seem to be in a ‘tug of war’ with slowing demand for manufacturing, and lighter diesel demand, against expected production cuts coming from OPEC & Saudi,” said Dennis Kissler, senior vice president of trading at BOK Financial.US crude stocks fell by about […]
Oil prices were lower today on worries of sluggish economic growth hurting energy demand. This outweighed the production cuts announced by Saudi Arabia on Monday. The Kingdom also unexpectedly cut its selling price to Asian buyers again. However, the Saudi supply cut is unlikely to achieve a “sustainable price increase” into the high $80s and […]
Oil prices were higher today after the Saudis announced to production cuts of an additional 1MM/bbls
Weaker jobs data was also bullish as the hope is that the Federal Reserve will pause interest rate hikes
The short sellers have come out to play big time in the last several days and Saudi Arabia’s energy minister is warning them to tread lightly.
The dollar index had some support today from cooling European inflation which was a drag on prices.
The big elephant in the room is the continued drama over the debt ceiling
Stay informed about oil prices, US debt ceiling talks, robust gasoline demand, & the upcoming OPEC+ meeting.
Oil prices settled lower today after the Russian Deputy Prime Minister played down the prospect of further OPEC+ production cuts
Oil prices rose 2% today after a large unexpected drawdown of Crude inventories. Crude inventories had a massive draw of 12.5MM/bbls.