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 falling to a one week low after the Fed left interest rates unchanged. The Federal Reserve decided to leave rates unchanged but has projected one more quarter point increase by year end. Crude oil inventories had a draw of 2.1MM/bbls last week, pretty much in line with the forecasted drop […]
Oil prices eased today after initially rising to 10 month highs earlier in the session as investors took profits. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Still, strategists there expect Brent to trade in a range of $90-100 per barrel over the coming […]
Oil prices were higher today as weak shale production is offsetting concerns about demand. U.S. oil output from top shale-producing regions is also expected to fall for a third month in a row in October to its lowest level since May 2023. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts […]
Oil traded higher today for third straight week on tight supply and China optimism. U.S. West Texas Intermediate futures traded higher today and closed up 61 cents per barrel to close at $90.77 per barrel. Brent crude futures rose 23 cents, to settle at US$93.93 per barrel. Both contracts gained about four per cent week […]
Oil prices rose today to their highest price yet this year on expectations of tighter supply. “The market is getting increasingly nervous about the sufficiency of supply,” said John Kilduff, partner at Again Capital. “Russia and Saudi are acting in a way that could materially constrain supplies as we get into the peak northern hemisphere […]
Oil prices were lower today after starting off the session strong on a surprise inventory build. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility to its lowest since July 2021. Crude inventories were up by 4MM/bbls last week vs a forecasted drop of 1.9MM/bbls. […]
Oil jumped 2% today to a 10 month high on the back of OPEC predicting tight supplies. U.S. West Texas Intermediate crude rose $1.55 per barrel, to settle at $88.84 per barrel. Brent futures rose US$1.42 per barrel, to settle at US$92.06 per barrel. From a technical standpoint both benchmarks remain technically overbought, and closed […]
Oil prices were pretty much flat for the day but holding above the key $90 per barrel level. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. “Much of this reduced supply has simply served […]
Oil prices were higher today with Brent rallying to nine month highs as rising Diesel futures lifted prices and increased worries about tight supplies. Both contracts closed higher about 2% week over week. “Crude prices continue to trade on supply-side drivers. No one is doubting that OPEC+ will keep this market tight going into the […]
Brent fell below $90 today in a volatile session halting a two week rally. Thursday’s fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. “Crude futures are feeling some corrective pressure from a new high in the U.S. Dollar Index as well as more weakening economic numbers from […]