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 dipped today on worries of Chinas faltering economic recovery. With fading hope China’s economy will return to pre-pandemic levels of demand, oil markets have little to pin their hopes to for future growth, said Walter Zimmerman, chief technical analyst with ICAP-TA. “The problem is as China increasingly proves unable of getting out of […]
Oil prices were higher today, buoyed by tightening supplies and forecasted record global demand. The IEA estimated that global oil demand hit a record 103MM/bpd in June and could reach a new peak this month. At the same time Saudi Arabia and Russia are cutting production setting the stage for inventory declines over the rest […]
Oil prices were lower today after some profit taking. Both benchmarks have been on a sustained rally since July. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region […]
Oil prices hit new highs today with Brent trading at its highest since January and WTI trading at its highest since November of last year. Gasoline and distillate inventories continue to draw down as stocks had a draw of 2.7MM/bbls and 1.7MM/bbls respectively. “The draws in refined products continue to be bullish for the oil […]
.Oil prices were slightly higher today after trading down big early in the session but rebounding after the EIA forecasted GDP growth to rise 1.9% in 2023. The EIA also expects Brent crude oil prices to average $86 in the second half of 2023, up about $7 from the previous forecast. U.S. crude production is […]
Oil prices settled traded down today on a rising dollar and fears of weaker than expected demand out of China. “The summer driving season is winding down in the United States,” said Robert Yawger, director of energy futures for Mizuho Securities USA. “If you don’t need as much gasoline, you don’t need as much oil.” […]
Oil prices rose again for the 6th straight week and are now at the highest level since mid-April. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. Russia has also elected to reduce its oil exports […]
Oil prices were higher today as Saudi Arabia and Russia take steps to keep supplies tight into next month and maybe beyond. Diesel futures also rose about 2% to close at their highest since January 2023. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility […]
Oil prices were lower today, settling more than 2% despite a historic drop in crude inventories. Crude stocks fell 17MM/bbls last week, the largest drop in inventories ever going back to 1982. Increased refinery runs and strong exports led this larger than expected decline. Ratings agency Fitch downgraded the US government’s top credit rating, an […]
Oil prices edged lower today, moving down as traders started taking profits. “Crude is moving in a corrective phase this morning, prompted by a sharply higher U.S. dollar index and satisfying the ‘overbought’ market situation,” said Dennis Kissler, senior vice president of trading at BOK Financial. The dollar index by .4% today, which is a […]