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 hit multi month highs today on tightening supply. “After the end of SPR releases and recession fears and a liquidity drain due to bank stability fears, which caused the markets to ignore a looming supply squeeze, the coming supply deficits are getting too big to ignore,” Price Futures Group analyst Phil Flynn said. […]
Crude oil prices rose again today, notching their 5th straight week of gains. Bullish demand expectations were boosted on Thursday after U.S. second quarter gross domestic product grew at a forecast-beating 2.4%, supporting Federal Reserve Chairman Jerome Powell’s view that the economy can achieve a so-called “soft landing.” Investors are warming up to the idea […]
Oil prices settled higher Thursday with WTI settling over $80 a barrel. Crude markets have been really strong as of late and are on track for a fifth week of consecutive gains. “We see the oil market undersupplied,” UBS analysts said in a report. “We retain a positive outlook and look for Brent to rise […]
Oil prices fell today as data showed crude inventories fell less than expected and the Fed hikes rates another 25 bps. The Feds latest rate hike set the overnight interest rate in the 5.25-5.5% range, the highest in 22 years. Crude inventories were down 600K/bbls, compared to estimates of a 2.35MM/bbl draw. Gasoline and diesel […]
Oil prices were higher again today, rising to three months as tighter supplies and bullish trends from China lifted sentiment. Contracts remain in backwardation. “The market is getting more concerned about the trend of tightening oil supplies, and it’s becoming more obvious to the naysayers that the expected drop-off in demand isn’t happening,” Price Futures […]
Oil prices were higher today, climbing about 2% to almost three month highs. Both contracts had their highest close since mid April and are in technically overbought territory. Bob Yawger, director of energy futures at Mizuho Bank, said a move above the 200-day moving average “generally stops out the speculative shorts and attracts traders looking […]
Oil futures for Brent rose $1.43 and WTI rose $1.42 on Friday, with Brent crude settling at $81.07 per barrel and WTI crude settling at $77.07 per barrel, its highest level since April 25. The price surge was supported by indications of tightening oil supplies in the latter half of 2023 and escalating tensions between […]
On Thursday, oil prices settled slightly higher due to factors such as lower U.S. crude inventories and strong crude imports by China. West Texas Intermediate (WTI) crude gained 28 cents, or 0.4%, to settle at $75.63 a barrel. Brent oil closed 24 cents higher to finish out the day at $79.70, a gain of 0.3%. […]
Oil futures reversed course and closed lower despite early gains on Wednesday after official U.S. data provided by The Energy Information Administration (EIA) showed that domestic commercial crude supplies fell significantly less than the market expected last week. Brent futures took a slight hit, sliding by 17 cents to reach $79.46 per barrel while U.S. […]
Oil prices regained most of yesterday’s losses amidst a pledge from the Chinese government to bolster consumption and recent U.S. data that suggests inflation has begun to consistently decelerate. Brent futures settled at $79.63/barrel, up 1.4%, and WTI crude closed at $75.75, up 2.2%. Brent’s premium over WTI fell to its lowest since May. The […]