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 tumbled today on the EIA report showing a larger than expected rise of crude inventories. Crude stocks rose by 3.6MM/bbls last week far exceeding expectations of a 1.8MM/bbl jump. “U.S. supply activity is headwind for the market, and U.S. is a problem for OPEC+,” said John Kilduff, partner at Again Capital LLC in […]
Oil prices were flat for the day after rising earlier in the session. In early trade, both crude benchmarks rose by over $1 a barrel after the International Energy Agency (IEA) boosted its demand growth forecasts and the U.S. dollar fell on data showing inflation was slowing in the world’s biggest economy. Uncertainty over tomorrow’s […]
Oil prices rose again today as OPECs monthly market eased worries about waning demand. “The OPEC monthly oil market report appeared to push back against demand concerns, referencing overblown negative sentiment around Chinese demand while raising demand growth forecasts for this year and leaving them unchanged for next,” Craig Erlam, senior market analyst at OANDA, […]
Oil prices were higher today gaining about 2% as Iraq voiced its support for OPEC+’s oil cuts ahead of the meeting a couple weeks from now. This caused some speculators to cover massive short positions. “This was the perfect technical storm. We came into this week with an almost record short position and now we’re […]
Oil prices were stronger today after falling off for the last couple sessions. Market fundamentals dominated trader sentiments through much of Thursday as fears of Middle East supply disruptions have eased, said Jim Burkhard, vice president and head of research for oil markets at S&P Global Commodity Insights. “The onset of the Israel-Hamas war does […]
Oil prices traded down further today to its lowest level in 3 months. The EIA report will be delayed until the 15th but according the API crude stocks had a huge build. The EIA said production will rise this year by slightly less than expected but petroleum consumption will fall by 300K/bpd. “The market is […]
Oil prices dived today to the lowest price since July as demand worries took center stage. Mixed Chinese economic data and rising OPEC esports helped ease fears about tight markets. “Traders will remain on high alert for signs of a wider conflict emerging in the region that could disrupt supplies, but it seems those fears […]
Oil prices were higher today after Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts. “The announcement shows that Saudi has its shoulder to the wheel as it looks to tighten markets and increases prices,” John Kilduff, partner at Again Capital LLC in New York. The cuts could be extended into […]
Oil prices were lower today and lower week over week as some of the fear premium over Middle East tensions has left the market. At the same time US jobs data remained pretty strong and indications from the Fed also added to worries of more rate hikes to come. “The market is taking this conflict […]
Oil prices rose today as the Fed decided to keep rates unchanged yesterday. Todays gains broke a 3 day streak of losses as some risk appetite increased in light of the Fed decision. “If the Fed calls off the dogs, the bottom for oil should be very close to being in,” said Phil Flynn, analyst […]