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 sunk today to their lowest settlement since June on a bearish EIA report and demand destruction on the fuel side. Gasoline stocks rose by 5.4MM/bls, compared to a forecasted rise of 1MM/bbls. Gasoline demand last week lagged the 10-year seasonal average by 2.5%. “Even though it was not the peak gasoline season, demand […]
Oil prices fell again today to near five month lows putting the market down for a fourth day in a row. Todays close was the lowest since July 6th. “The OPEC+ deal did little to support prices and given the (four) days of declines that followed it, traders are clearly very unimpressed,” said Craig Erlam, […]
Oil prices fell today on concern about a drop in demand and lackluster production cuts. OPEC+ last week announced production cuts that are voluntary in nature, raising doubts about whether or not producers would fully implement them. Investors were also unsure about how the cuts would be measured. “The market has decided (OPEC+ production plans) […]
Oil prices fell more than 2% today closing out a volatile week down about 2% WoW. OPEC+ announced additional production cuts yesterday, but the market has received this cut with skepticism. “(It) seems traders either aren’t buying that members will be compliant or don’t view it as being sufficient,” Erlam added. In the United States, […]
Oil prices fell today after the voluntary production cuts announced by OPEC+ fell short of market expectations. The group announced cuts of 2MM/bpd for the first quarter of next year however 1.3MM/bpd of that was an extension of current cuts. “From what we’ve seen so far, this looks like a paper cut of around 600-700,000 […]
Oil prices rose today as Saudi Arabia is reportedly pushing for a production cut of an additional 1MM/bpd. Investors have focused their attention on tomorrows OPEC meeting on expectations of fresh supply cuts. “All eyes are on the Nov. 30 OPEC meeting, and the fine details will matter,” CFRA analyst Stewart Glickman said. The EIA […]
Oil prices were higher today settling higher on the possibility that OPEC+ will extend or deepen supply cuts. The group will meet on Thursday to discuss 2024 after initially pushing back the meeting last week. “We believe the market’s primary focus surrounds the continuation of Saudi Arabia’s additional voluntary cuts of 1 million barrels per […]
Oil prices fell today, with the Brent closing below US$80 per barrel as investors await this week’s OPEC+ meeting now postponed to November 30th – who knows what these guys are thinking! U.S. West Texas Intermediate crude futures lost 68 cents per barrel, or 0.9%, to close at $74.86 per barrel. Brent crude futures closed […]
Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium, but prices were up slightly week over week – the first week over week gain in over a month. OPEC+ has a meeting next week to decide on production cuts in 2024. Meanwhile Canada continues to wait for […]
Oil prices fell today in a volatile session. OPEC+ producers unexpectedly announced they would delay the upcoming meeting on production cuts, raising questions about global crude supplies. The meeting was postponed from Nov. 26th to Nov 30th. U.S. crude oil inventories rose by 8.7MM/bbls last week on higher imports. The U.S. dollar bounced back from […]