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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Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices were lower again today closing down week over week as the market worried about interest rate hikes and their effect on the global economy. “There seems to be a growing ‘risk back off’ type of trade now in crude, triggered by the interest rate rises in the EU and disappointing stimulus numbers out […]
Oil prices sank again today, falling almost 4% as a bigger then expected Bank of England rate hike worried markets. Fed Chair Jerome Powell said that two more rate hikes of 25bps in the US before the end of the year was “a pretty good guess”. “We’re locked in a trading range but prices are […]
Oil prices were higher today as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand. Chicago Board of Trade corn futures rose 5.2% on Wednesday after a government report showed much of the U.S. crop being stressed by dry […]
Oil prices eased today in a choppy session on forecasts for slower oil demand growth in China. Adding to bearish sentiment, traders noted crude supplies from Iran and Russia have increased in recent weeks. “Oil locked in on anything and everything that has to do with China. This week, energy traders are seeing oil weakness […]
WTI crude was down 49 cents per barrel trading down to $71.29. WTI crude oil futures (and other commodities) did not settle today due to the Juneteenth holiday. Brent for August settlement traded down $US52 cents a barrel to settle at US$76.09 per barrel. Oil fell as China’s plans to support its economy were seen as insufficient […]
WTI for July delivery rose $1.66 per barrel to settle at $71.78 per barrel. Brent for August settlement rose 94 cents per barrel to $76.61 per barrel. Adding to this confusion are mixed signals from the physical market. Refinery outages in the U.S. and Europe are threatening to further increase crude inventories at key hubs, […]
Anyone getting whiplash out there! WTI for July delivery rose $2.35 per barrel closing at $70.62 per barrel – a one-week high. Brent for August delivery rose $2.47 per barrel closing at $75.67 per barrel. Oil rose as strengthening demand in China outweighed concerns over further interest rate hikes in the U.S at least that […]
WTI for July delivery fell $1.15 per barrel to settle at $68.27 per barrel. Brent for Crude for August delivery fell $1.09 per barrel to settle at $73.20 per barrel. Oil fell on the back of significant builds in U.S. crude stockpiles and the Federal Reserve’s hints that rate hikes will continue. Federal Reserve officials […]
Oil prices had a strong session today after yesterdays rout as China’s central bank lowered their short term lending rate for the first time in 10 months. This increased hopes of growing fuel demand on the back of the rate cut as the post pandemic recovery in China has been slower then anticipated. “The market […]
The rug was pulled out from below oil prices as jitters around the US Federal Reserve meeting later this week sparked a sharp selloff. Goldman Sachs cut its oil price forecasts early on Sunday, citing higher-than-expected supplies later this year and through 2024. The bank’s December crude price forecast now stands at $86 a barrel […]