Market focus remained on trade tensions as President Trump announced a 25% tariff on imported cars and light trucks, effective next week, with auto parts tariffs set for May 3. Analysts warn that these tariffs, along with the newly imposed levies on Venezuelan crude buyers, could slow demand.

India’s Reliance Industries, operator of the world’s largest refining complex, plans to halt Venezuelan oil imports in response to the U.S. measures.

Despite tariff concerns, oil prices found support from Wednesday’s EIA data showing a sharper-than-expected 3.3-million-barrel drop in U.S. crude inventories.

Adding to the bullish sentiment, U.S. jobless claims fell last week, signaling economic resilience that could support oil demand. However, analysts at DBS Bank caution that uncertainty over U.S. trade policy may prevent prices from returning to early 2025 highs.

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Brent crude settled up 77 cents (1.05%) at $73.79 per barrel, while WTI gained 65 cents (0.94%) to close at $69.65. At their session highs, both benchmarks rose over $1.

According to the EIA, U.S. crude inventories fell by 3.3 million barrels last week, surpassing analyst expectations of a 956,000-barrel draw, as refiners ramped up production.

Concerns over Venezuelan supply disruptions escalated after trade in Venezuelan oil to China stalled following Trump’s announcement of a 25% tariff on imports from any country buying Venezuelan crude. Analysts at Barclays estimate that commercialization challenges could lead to production shutdowns of up to 400,000 barrels per day, potentially costing Venezuela $4.9 billion in revenue.

Chinese refiners are awaiting government guidance on whether to continue purchasing Venezuelan crude, while U.S. sanctions last week also targeted China’s imports from Iran. Analysts suggest OPEC+ may be increasing production in anticipation of U.S. sanctions, aiming to offset potential losses of up to 1.5 million barrels per day from Iran.

Meanwhile, a maritime and energy truce between Russia and Ukraine led to speculation about increased Russian crude supply, capping oil price gains. Analysts believe China and India will likely turn to Russian crude over Venezuelan oil due to U.S. sanctions scrutiny.

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The U.S. brokered agreements with Russia and Ukraine to halt attacks on energy infrastructure and shipping, with Washington agreeing to push for sanctions relief on Moscow. However, both Kyiv and Moscow expressed skepticism about compliance.

Analysts suggest that a ceasefire could lead to a reduction in Russian oil sanctions. Meanwhile, Trump’s proposed tariffs on Venezuelan oil exports remain a concern, as they could disrupt supply and impact China’s independent “teapot” refineries, which heavily rely on Venezuelan crude.

The U.S. also extended Chevron’s deadline to wind down its Venezuelan operations until May 27. Analysts estimate that a full withdrawal could reduce Venezuela’s production by 200,000 barrels per day.

OPEC+ is expected to proceed with its planned May production increase, sources told Reuters, while some members may face pressure to cut output further due to previous overproduction. Commodity trading executives anticipate a well-supplied oil market in 2025, though concerns about global demand growth persist.

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OPEC+ is expected to proceed with a planned oil output hike in May, while ongoing Ukraine ceasefire talks could lead to increased Russian crude exports. Analysts noted that the potential loss of Venezuelan supply is bullish for oil markets, with investors also monitoring possible tighter restrictions on Iranian exports. The U.S. recently imposed sanctions on Iranian oil exports, targeting a Chinese “teapot refinery” processing Iranian crude.

Both crude benchmarks recorded a second consecutive weekly gain last Friday. Meanwhile, Wall Street surged as Trump signaled flexibility on tariffs, with planned levies on automobiles, aluminum, and pharmaceuticals expected soon. He also urged the Federal Reserve to lower interest rates, arguing that lower borrowing costs would stimulate economic growth and oil demand.

Ceasefire negotiations between U.S. and Russian officials took place in Saudi Arabia on Monday, with discussions on a Black Sea maritime ceasefire alongside broader peace talks. Concerns over increased Russian oil exports weighed on prices.

OPEC+, which controls over 40% of global oil production, plans to increase output by 135,000 bpd in May, marking a second consecutive monthly hike. Since 2022, the group has implemented phased cuts totaling 5.85 million bpd, or 5.7% of global supply, to support prices. Market participants remain cautious about compliance from some OPEC+ members, particularly Iraq, Kazakhstan, and Russia.

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Bobby Knight

Jobs Update

• Initial jobless claims seasonally adjusted for the week ending March 15th came in at 223,000, up 2,000 people week-over-week.

• Continuing jobless claims came in at 1.892 million people, versus the adjusted number of 1.859 million people from the week prior, up 33,000 people week-over-week.

Stocks closed higher on Friday of last week and higher week over week

The DOW closed higher on Friday of last week, up 32.03 points (0.08%) and closing out the week at 41,985.35, up 497.16 points week-over-week. The S&P 500 closed higher on Friday of last week, up 4.67 points, and closed out the week at 5,667.56, up 28.62 points week-over-week. The NASDAQ closed higher on Friday of last week, up 92.42 points (0.52%), and closed out the week at 17,784.05, up 29.96 points week-over-week.

In overnight trading, DOW futures traded higher and are expected to open at 42,633 this morning up 314 points from Friday’s close.

Crude oil closed higher on Friday of last week and higher week over week.

West Texas Intermediate (WTI) crude closed up $0.21 per barrel (0.3%), to close at $68.28 per barrel on Friday of last week, up $1.10 per barrel week over week. Brent traded up $0.16 USD per barrel (0.2%) on Friday of last week, to close at $72.16 per barrel, up $1.58 per barrel week-over-week.

One Exchange WCS (Western Canadian Select) for May delivery settled on Friday of last week at US$10.25 below the WTI-CMA (West Texas Intermediate – Calendar Month Average). The implied value was US$57.31 per barrel.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels week-over-week. At 437.0 million barrels, U.S. crude oil inventories are 5% below the five-year average for this time of year.

Total motor gasoline inventories decreased by 500,000 barrels week-over-week and are 2% above the five year average for this time of year.

Distillate fuel inventories decreased by 2.8 million barrels week-over-week and are 6% below the five year average for this time of year.

Propane/propylene inventories decreased by 1.9 million barrels week-over-week and are 12% below the five-year average for this time of year.

Propane prices closed at 85 cents per gallon on Friday of last week, down 1 cents per gallon week-over-week, but up 9 cents per gallon year-over-year.

Overall, total commercial petroleum inventories increased by 1.6 million barrels during the week ending March 14th, 2025.

U.S. crude oil imports averaged 5.4 million barrels per day during the week ending March 14th, 2025, a decrease of 85,000 barrels per day week-over-week. Over the past four weeks, crude oil imports averaged 5.6 million barrels per day, 11% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged 657,000 barrels per day, and distillate fuel imports averaged 257,000 barrels per day during the week ending March 14th, 2025.

U.S. crude oil exports averaged 4.644 million barrels per day during the week ending March 14th, 2025, an increase of 1.354 million barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 4.065 million barrels per day.

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending March 14, 2025, which was 45,000 barrels per day less than the previous week’s average.

WTI is poised to open at $68.48, up 20 cents per barrel from Friday’s close.

North American Rail Traffic

Week Ending March 19, 2025.

Total North American weekly rail volumes were up (3.86%) in week 12, compared with the same week last year. Total carloads for the week ending on March 19 were 352,900, up (0.77%) compared with the same week in 2024, while weekly intermodal volume was 343,447, up (7.24%) compared to the same week in 2024. 

7 of the AAR’s 11 major traffic categories posted year-over-year increases. The largest increase came from Coal which was up (10.14%) while the largest decrease was from Petroleum and Petroleum Products which was down (-8.08%)

In the East, CSX’s total volumes were up (0.57%), with the largest decrease coming from Petroleum and Petroleum Products (-12.56%) while the largest increase came from Chemicals (4.91%). NS’s volumes were up (4.12%), with the largest increase coming from Grain (24.53%) while the largest decrease came from Chemicals (-10.97%).

In the West, BN’s total volumes were up (5.37%), with the largest increase coming from Coal (14.5%) while the largest decrease came from Forest Products (-12.91%). UP’s total rail volumes were up (7.45%), with the largest increase coming from Coal (23.97%), while the largest decrease came from Other (-10.49%).

In Canada, CN’s total rail volumes were down (-8.2%) with the largest increase coming from Grain, up  (+36.78%), while the largest decrease came from Metallic Ores and Metals (-24.86%). CP’s total rail volumes were up (9.69%) with the largest increase coming from Coal (+152.51%), while the largest decrease came from Petroleum and Petroleum Products (-36.74%).

KCS’s total rail volumes were up (9.2%) with the largest increase coming from Intermodal (+27.29%), while the largest decrease came from Petroleum and Petroleum Products (-22.4%).

Source Data: AAR – PFL Analytics

Rig Count

North American rig count was down by -18 rigs week-over-week. U.S. rig count was up 1 rig week over week, but down by -31 rigs year-over-year. The U.S. currently has 593 active rigs. Canada’s rig count was down -19 rigs week-over-week but up by 11 rigs year-over-year.  Canada currently has 180 active rigs. Overall, year over year we are down by -20 rigs collectively.

North American Rig Count Summary

A few things we are watching:

PFL was watching SWARS 2025 last week and was there in full force – Connecting, Learning, and Driving Rail Logistics Forward

Last week PFL had the privilege of exhibiting at the 2025 Southwest Association of Rail Shippers (SWARS) Annual Meeting in Dallas, Texas. 

PFL Exhibit at SWARS

Source: PFL –  PFL Analytics

With a record-breaking 900+ attendees, it was the largest SWARS (registered) event to date, bringing together shippers, railroads, leasing companies, and logistics providers to discuss the challenges and opportunities shaping our industry.

SWARS was a great opportunity for PFL’s team – representing both our U.S. and Canadian companies to connect with customers, partners, and industry peers. With cross-border trade playing an increasingly critical role in rail logistics, having expertise on both sides of the border allows us to provide seamless solutions for fleet management, leasing, and asset optimization across North America.

The speaker lineup was packed with insights from industry leaders like Beth Whited (Union Pacific) and Katie Farmer (BNSF Railway), who shared their perspectives on economic trends, regulatory challenges, and the future of rail shipping. However,  just as valuable were the one-on-one conversations we had throughout the event.

Key Takeaways from SWARS 2025

1. The Market is Shifting—Flexibility is Key:

The rail industry is always evolving, but right now, economic uncertainty and energy market shifts are making flexibility more critical than ever. Some of the biggest themes we heard included:

Energy transportation demand is steady, but evolving. Moving crude, refined products, and NGLs by rail remains essential, but supply and demand imbalances are forcing shippers to rethink routes, transloading options, and fleet strategies.

With higher interest rates and economic volatility, companies are looking for shorter-term leasing and subleasing options instead of committing to long-term ownership or leases.

Cross-border shipping is getting more complex. Regulatory shifts are affecting rail movements between Canada, the U.S., and Mexico, making rail logistics expertise more important than ever to keep supply chains running smoothly.

2. Rail Equipment & Fleet Management Strategies Are Evolving:

Railcar supply and fleet management were major discussion points, with many shippers facing tight equipment availability and shifting demand cycles. 

Leasing and subleasing are becoming go-to strategies. Companies need agility in their fleets, whether that means finding additional cars quickly or monetizing idle assets.

Upgrading aging fleets is a challenge. With new safety and efficiency standards, shippers are looking to modernize their fleets, but supply chain delays and high costs are making high-quality used cars a bit more difficult.

Railcar storage has become a strategic advantage. More companies are turning to Storage-In-Transit (SIT) yards to hold excess inventory, reduce plant congestion, and keep supply chains flexible.

SWARS reinforced what we already know – rail is a dynamic industry, and success comes from staying agile, informed, and connected. With representation from both our U.S. and Canadian teams, PFL is positioned to help customers navigate the complexities of cross-border rail logistics, optimize their fleets, and adapt to market changes.

To everyone we met at SWARS—thank you for the conversations, insights, and connections. If we didn’t get a chance to chat, we’d love to connect and see how we can support your rail logistics needs.  Call PFL today for more information as it relates to SWARS

We are Watching Canada

Folks, there is a lot going on with Canada right now.  First of all, you had Prime Minister Justin resign 2 months ago in the middle of a trade war with the U.S. He could have called a snap election but instead put the left-wing Liberal Party ahead of the people of Canada that wanted an election and wanted to elect right-wing Conservative Party leader Pierre Pollievre. Pollievre would have won with an overwhelming majority government and would have taken Canada in a new much-needed direction.  This meant the left-winged Liberal Party needed to pick their new leader and they did. His name is Mark Carney who, in our opinion, is a wolf in sheep’s clothing (read more)– he is different than Trudeau (maybe worse), slightly better educated, and can talk the talk.  Mark Carney has been gaining in the polls up in Canada as of late only because he is viewed by the public that he is standing up for Canada against the Trump administration putting tariffs on Canada.  President Trump has been openly expressing his desire for Canada to become the 51st state.  Some Canadians don’t mind this, but most don’t want that to happen.  Unfortunately, the average Canadian feels bullied by the U.S., and in an unprecedented act of patriotism for Canadians, they seem to be banning together to buy Canadian and Canada is in the middle of diversifying its customer base away from the U.S. as soon and as much as possible.

A sign placed in front of the American whiskey section at a B.C. liquor store after top-selling American made products were removed from shelves in Vancouver, B.C.,

Source: The Canadian Press –  PFL Analytics

Canada may not be as much of a pushover as President Trump had thought or perhaps he should have waited for the Canadian election to be over.  The way it is shaping up now President Trump may want the Liberal Government to win as a Liberal Government will only make Canada weaker and most likely easier to deal with from a Trump perspective. Time will tell, only he knows what the deal will look like at the end of the day.  Carney’s first trips as the new left-wing leader of Canada were over to Europe and not to the U.S.

Over the weekend, Canadian Prime Minister Mark Carney called an election for April 28^th – it is a short cycle and a high-stakes poker game is on.  Pierre Pollievre better get his act together it seems to us that Mark Carney is stealing his thunder.

In other news north of the border,  Alberta’s right-wing Premier Danielle Smith and the left-wing Prime Minister Mark Carney had their first meeting since Carney was appointed last week.

“Albertans will no longer put up with federal interference in resource development in the province”, Smith noted in a statement following the meeting.

The Alberta Premier also laid out a laundry list of policy expectations for the next federal government, on what many believe is the beginning of an election campaign that will start today!

She provided a specific list of demands the next prime minister, regardless of who that is, must address within the first six months of their term to avoid an unprecedented national unity crisis she said.  The list of demands include:

1. Guaranteeing Alberta full access to unfettered oil and gas corridors to the north, east, and west;
2. Repealing Bill C-69, what Smith calls the no new pipelines act;
3. Lifting the tanker ban off the B.C. coast;
4. Ending the so-called Clean Electricity Regulation and emissions cap;
5. Ending the prohibition on single-use plastics;
6. Abandoning the net-zero car mandate;
7.  Halting federal censorship of energy companies.

She wants pipelines built across Canada so Canadians can displace imports of foreign oil, Carney said following the meeting.  Believe it or not, Canada imports a fair amount of crude for its east coast refineries because the Province of Quebec for whatever reason does not want a pipeline built on their soil at the same time seems to have its hand out for money from Alberta.

Carney also said he supported the buildout of trade corridors and deepwater ports to Nunavut and Churchill, but left out the East-West Pipeline.

Smith also called for the end of the proposed emissions cap on oil and gas.

Last week the independent, non-partisan Office of the Parliamentary Budget Officer (PBO) warned the emissions cap would cut oil and gas production by five percent, or 245,000 barrels of oil per day, and result in 54,400 jobs lost. It would also lead to a $20 billion decline in GDP by 2032.

The premier also reiterated that Alberta energy won’t be used as a pawn in the current trade war with the U.S.  It seems to us that Carney wants to limit oil exports to the U.S. at the expense of Alberta.

Carney didn’t address Smith’s concerns, instead saying that “we need a comprehensive renegotiation of our partnership with the U.S.”

Smith also laid out some other expectations, including a demand that any new government addresses equalization payments.

“Our province is no longer agreeable to subsidizing other large provinces who are fully capable of funding themselves,” she said.  Alberta, which is a surplus Province because of its resource base, subsidizes other left-wing Provinces and does not want to do it anymore.

As it stands right now imports of Canadian crude into the US fell to a two-year low according to Energy Information Administration (EIA) data reported on Wednesday of last week.

Canada is by far the largest source of foreign crude for the US but flows fell to 3.1 million barrels per day for the week ended March 14th. This is down by 541,000 barrels per day week over week and the lowest since the week ended March 24, 2023, when 3 million barrels per day was imported.

Crude flows from Canada trended lower in February and the first half of March with shippers likely sensitive to the ever-changing U.S. policy on imports. A 25pc tariff, later reduced to 10pc, on Canadian energy was threatened to start in early February before being delayed by 30 days. It then went into effect on March 7th before being lifted again for goods covered under the US-Mexico-Canada (USMCA) free trade agreement that Trump negotiated and said it was the best deal ever at the time, however, tariffs are set to start up again on April 2. 

We are watching Petroleum Carloads

The four-week rolling average of petroleum carloads carried on the six largest North American railroads fell to 27,909 from 28,449 which was a decrease of 540 rail cars week-over-week.  Canadian volumes were mixed. CPKC’s shipments were lower by -4.2% week over week, CN’s volumes were higher by +0.2% week-over-week. U.S. shipments were down across the board. The CSX had the largest percentage decrease and was down by -14.6%

 We are Watching DOT-117 Compliance: The Deadline is Approaching 

The May 1, 2025, deadline for DOT-117 Canadian compliance is just over a month away.  In the U.S. only packing group 1 compliant kicks in, however, full compliance in the U.S. will occur in May 2029 2029. Regulators remain firm on phasing out DOT-111 and CPC-1232 tank cars, emphasizing the necessity of these changes to enhance safety standards they claim.

Why this issue Is back in the spotlight – The transition to DOT-117 tank cars has been underway for years, but recent regulatory reminders have brought it back into focus. The primary reason they claim is safety: older tank cars lack the enhanced protective features of the DOT-117 standard, which include:

• Thicker shells: Minimum 9/16-inch steel for improved puncture resistance.
• Full-height head shields: Designed to absorb impacts.
• Thermal protection: Enhanced ability to withstand fires.
• Reinforced top fittings: To prevent leaks.

These features collectively enhance safety for shippers, carriers, and communities along rail networks, underscoring the regulators’ stance against extending the compliance deadline.

What Railcar Owners/Lessees need to do now – With the deadline imminent, railcar owners must act promptly to ensure compliance. Recommendations include:

1. Review Your Fleet: Identify which tank cars are DOT-117 compliant and determine which require retrofitting or replacement. Given the tight timeline, immediate action is crucial.
2. Secure Retrofitting or New Tank Cars: Retrofitting facilities are experiencing high demand, and availability of new DOT-117 tank cars is limited. Delays in securing retrofitting services or new leases could result in non-compliance.
3. Plan for Storage and Fleet Adjustments: If transitioning your fleet necessitates temporary storage or phasing out older cars, consider storage-in-transit (SIT) services to maintain operational continuity during this period.
4. Schedule Repairs and Maintenance: Maintaining the operability of compliant cars is essential during the transition. Regular inspections, maintenance, and cleaning are vital to ensure your fleet remains operational. Utilizing mobile repair services and railcar cleaning can expedite this process through PFL.

Don’t Wait Until It’s Too Late – With the deadline right around the corner, the rush for retrofits, new leases, and storage is already in full swing. The closer we get to May 1, 2025, the harder it’s going to be to find available shop space, get required cleaning, maintenance performed on a Mobil basis, or secure the cars you need— costs are also expected to rise.

At PFL, we’re working with railcar owners and lessees every day to sort out compliance plans, line up leases, and find storage solutions. If you haven’t locked in your strategy yet, now’s the time. Give us a call—we’ll help you figure out the best path forward.  Contact PFL today to discuss your next steps.

We are Watching the “Green Old Deal”

Well, folks, Elon Musk once championed a hero of climate change initiatives is now target number 1.  What was the largest electric car maker in the world with a leader touted as a genius by the Liberal media just a short time ago is now the target of the left – why?  Well, it seems he voted for Donald Trump and is helping the administration cut wasteful government spending.  It leads us to believe that the Green New Deal was never about being green, or why would this happen? We thought electric cars were good, at least that is what we were told. Why destroy something good? We don’t think lighting cars on fire is green.  Tesla was removed from the Vancouver International Auto Show in Canada that took place over the weekend with organizers citing safety concerns – don’t they have security in Vancouver?  Tesla stores and car owners are getting attacked elsewhere including in Canada and Europe.  It seems to us to be an organized funded effort to destroy the brand and Elon.  Almost makes you want to go out and buy a Tesla!

Trump is not happy and wants convicted Tesla arsonists to serve out their expected decades-long sentences in El Salvador prisons.

 “I look forward to watching the sick terrorist thugs get 20-year jail sentences for what they are doing to Elon Musk and Tesla,” Trump wrote Friday on TRUTH Social.

 “Perhaps they could serve them in the prisons of El Salvador, which have become so recently famous for such lovely conditions” -the president added.

In other news on the “Green Old Deal,” the EPA yanked an air quality permit for a 1.5-GW Atlantic Shores offshore wind project last week citing environmental concerns on fish, fishing, birds and wildlife in general.   The permit remand comes a month after EDF Renewables, one of Atlantic Shores’ developers, booked a $980 million impairment associated with the project. Shell, EDF’s partner in the joint venture, booked a $1 billion impairment associated with the project in January, which EDF referred to as a “withdrawal” in its annual financial report.

We are watching Class 1 Industrial Headcount

Class I railroads employed 119,562 workers in the United States in February 2025, a 0.16% increase from January 2025’s count of 119,373 but a -3.09% year-over-year decrease from February 2024’s total of 123,377, according to Surface Transportation Board data.

Three of the six employment categories posted month-over-month increases between January and February 2025. These were Maintenance of Way and Structures, up 0.84% to 28,493 workers; Transportation (train and engine), which increased 0.12% to 51,450 workers; and Transportation (other than train and engine), which increased 0.08% to 5,051 workers.

The categories that posted month-over-month decreases were Executives, officials, and staff assistants, down -0.04% to 7,862 workers; Professional and Administrative, down -1.03% to 9,656 workers; and Maintenance of Equipment and Stores, down -0.06% to 17,050 workers.

Year over year, only one category posted an employment gain: Transportation (other than train and engine), up 2.50%.

Categories that registered year-over-year decreases in February 2025 were Executives, officials, and staff assistants, down -3.31%; Professional and Administrative, down -7.55%; Maintenance of Way and Structures, down -0.98%; Maintenance of Equipment and Stores, down -6.48%; and Transportation (train and engine), down -2.68%.

We are Watching Key Economic Indicators

Industrial Output and Capacity Utilization

Manufacturing accounts for approximately 75% of total output. Manufacturing output in February was up 0.75% from January 2024. 

Capacity utilization is a measure of how fully firms are using the machinery and equipment. Capacity Utilization was up 0.62% from January in February.

Lease Bids

• 10, 2500CF Open Top Hoppers needed off of UP or BN in Texas for 5 years. Cars are needed for use in aggregate service. Need Rapid Discharge Doors
• 25, 3230 PD Hoppers needed off of NS or CSX in Ohio for 5 years. Cars are needed for use in Flyash service. 
• 100, 5200 Covered Hoppers needed off of UP or BN in Northwest for 6 month. Cars are needed for use in Pet Coke service. Roud Hatch, Bottom Outlet Doors
• 100, 4750 Covered Hoppers needed off of UP or BN in Texas for 1-5 Years. Cars are needed for use in Petcoke service. 
• 50, 23.5-25.5 DOT111 Tanks needed off of Any Class 1 in USA for 5 years. Cars are needed for use in Asphalt service. 
• 20, 25.5k CPC 1232 Tanks needed off of UP, BN, CSX, NS in OK, TX, Northeast for 3 Year. Cars are needed for use in Asphalt service. 
• 10, 30K 117R or 117J Tanks needed off of Any Class 1 in USA for 1 year. Cars are needed for use in Glycerin  service. 
• 15-20, 29K 117R Tanks needed off of NS or CSX in Ohio for 6-12 Months. Cars are needed for use in Ply Oil service. 
• 30-50, 23.5K Any Type Tanks needed off of any class 1 in any location for 1-5Years. Cars are needed for use in Glycols service. 
• 10, Any Size Stainless Steel DOT111 Tanks needed off of UP or BN  in TX for 1-5 Years. Cars are needed for use in Refined Products service. 
• 100, 30K 117J Tanks needed off of UP or BN in Midwest for 5 Years. Cars are needed for use in Diesel service. Needed in Jan
• 10, 30K 117R Tanks needed off of CSX or NS in Southeast for 6 Months. Cars are needed for use in Crude service. Needed in Jan
• 20, 28K 117J Tanks needed off of CSX or NS in Midwest   for 12 Months. Cars are needed for use in Crude service. Needed in Jan
• 50, 30K 117R/117J Tanks needed off of CSX in Northeast for 5 Year. Cars are needed for use in Refined Fuels service. 
• 12, 28.3K Any Type Tanks needed off of UP or BN in Houston for 2Year. Cars are needed for use in Lube Oil service. 
• 20, 30K 117J Tanks needed off of UP or BN in Midwest   for 5 Years. Cars are needed for use in Ethanol service. 
• 100, 30K 117J Tanks needed off of BN   in Montana for 2 years. Cars are needed for use in Crude service. 
• 10, 25.5K Any Type Tanks needed off of CSX in Florida for 2 Years. Cars are needed for use in UCO service. 
• 10, 25.5K Any Type Tanks needed off of Any Class 1 in Any Location for 3-12 months. Cars are needed for use in Asphalt service. 
• 20,  GP Tanks needed off of various class 1s in various locations for 1-5 years. 

Sales Bids

• 28, 3400CF  Covered Hoppers needed off of UP BN in Texas. Cars are needed for use in Cement service. Cement Gates needed. 
• 20, 17K DOT111 Tanks needed off of various class 1s in various locations. Cars are needed for use in corn syrup service. 

Lease Offers

• 60, 4750,  Covered Hoppers located off of UP or BN in Eads, CO. Cars are clean UP to 5 Years, 3 Hopper, Gravity Gate, Trough Hatches
• 50, 33K, 400W Pressure Tanks located off of All Class 1s in Chicago. Cars were last used in Propylene. 1 Year Term
• 50, 29K , DOT 111 Tanks located off of CN   in Hamilton, ON. Cars were last used in Biodiesel. 1 year +
• 39, 30K, 117R Tanks located off of CN, NS, CSX in Detroit. Cars were last used in Diesel. 5 Years; Mid 2029 Return
• 20-25, 30K, 117J Tanks located off of BNSF in West Texas. Cars were last used in Ethanol. 1 year minimum
• 24, 25.5K-30K, DOT 111 Tanks located off of UP or BN in Texas. Cars were last used in Base Oils. 1-2 Year

Sales Offers

• 21, 50′, Plate C Boxcars located off of various class 1s in NM. End of Life
• 3, 50′, Plate C Boxcars located off of various class 1s in multiple locations. End of Life
• 27, 50′, Plate C Boxcars located off of various class 1s in PQ. End of Life
• 100-300, 3250,  Covered Hoppers located off of various class 1s in multiple locations. Sand Cars
• 5, 2740, Mill Gondolas located off of various class 1s in NC. End of Life
• 1, 2260, Mill Gondolas located off of various class 1s in AL. End of Life
• 30, 2740, Mill Gondolas located off of various class 1s in multiple locations. End of Life
• 21, 2740, Mill Gondolas located off of various class 1s in WA. End of Life
• 15, 4750, Covered Hoppers located off of various class 1s in multiple locations. End of Life
• 5, 4750, Covered Hoppers located off of various class 1s in multiple locations. End of Life
• 50-100, 31.8K, CPC 1232 Tanks located off of UP or BN in TX. Requal Due in 2025

Call PFL today to discuss your needs and our availability and market reach. Whether you are looking to lease cars, lease out cars, buy cars, or sell cars call PFL today at 239-390-2885

Live Railcar Markets

PFL will be at the Following Conferences

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The U.S. Treasury imposed new Iran-related sanctions on Thursday, targeting an independent Chinese refiner and vessels supplying Iranian crude. Analysts see this as a warning that Chinese buyers of Iranian oil are not immune to U.S. pressure. This marks the fourth round of sanctions since Trump pledged to drive Iran’s oil exports to zero. UBS analysts expect these sanctions to make shippers more cautious, potentially reducing Iranian crude exports by 1 million barrels per day from February’s 1.8 million bpd level.

Oil prices also gained support from OPEC+’s plan for seven members to make additional output cuts of 189,000 to 435,000 bpd until June 2026 to compensate for overproduction. However, OPEC+ also confirmed a modest 138,000 bpd increase starting in April, partially reversing past cuts. Analysts believe the plan will cap production growth in the coming months, but market participants are watching for compliance, particularly from Iraq, Kazakhstan, and Russia, before fully supporting the initiative.

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OPEC+ released a schedule for additional oil output cuts from seven member nations, including Russia, Kazakhstan, and Iraq, ranging from 189,000 to 435,000 barrels per day through June 2026. Meanwhile, U.S. crude inventories rose by 1.7 million barrels, surpassing expectations.

Despite these bullish factors, a strengthening U.S. dollar, up 0.5%, put pressure on oil prices by making crude more expensive for foreign buyers. The Federal Reserve held interest rates steady but maintained projections for two rate cuts this year, citing tariff-related economic uncertainties.

Geopolitical risks intensified as Israel launched new ground operations in Gaza, breaking a nearly two-month ceasefire, and the U.S. continued strikes on Houthi targets in Yemen. Trump reaffirmed plans to hold Iran accountable for future Houthi attacks while also maintaining a tough stance on Venezuela, Iran, and Russia.

J.P. Morgan analysts expect Brent crude to recover into the mid-to-high $70s in the coming months before falling below $70 later in the year, averaging around $73. Analysts predict a “choppy upward drift” in oil prices, influenced by China’s stimulus measures and ongoing geopolitical tensions.

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Geopolitical tensions continued to impact markets. The Israeli military resumed operations in Gaza, breaking a ceasefire, while Trump vowed to persist with strikes on Yemen’s Houthis and hold Iran accountable for attacks on Red Sea shipping. Traders refocused on these Middle East risks, adding volatility to the market.

The Federal Reserve maintained interest rates at 4.25%-4.50% but reiterated expectations of rate cuts later this year, reflecting slowing growth and easing inflation. Meanwhile, fears of a U.S. recession, exacerbated by tariffs on Canada, Mexico, and China, weighed on energy demand outlooks.

Ceasefire negotiations between Russia and Ukraine remained uncertain despite an agreement to halt energy infrastructure attacks. Both sides accused each other of violations shortly after the deal was announced. Analysts noted that even if a full peace deal is reached, it would take time before Russian energy exports meaningfully increase.

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Economic concerns continued to weigh on oil prices, with the OECD warning that Trump’s tariffs could slow growth in the U.S., Canada, and Mexico, dampening energy demand. U.S. housing construction rebounded in February, but rising costs from tariffs and labor shortages pose risks. Analysts at Wood Mackenzie revised their 2025 Brent forecast down to $73 per barrel due to trade policies and OPEC+ output plans.

Geopolitical tensions in the Middle East kept markets volatile. Trump vowed to continue U.S. strikes against Yemen’s Houthis unless they halt attacks on Red Sea shipping, while also warning Iran of consequences for its support. Iran’s crude production was 3.3 million bpd in 2024, with exports reaching 1.7 million bpd despite sanctions. Meanwhile, Israeli airstrikes in Gaza escalated regional instability.

U.S. oil inventory data is expected this week, with analysts forecasting a 0.9 million barrel build in stockpiles, compared to a 2 million barrel draw during the same period last year. With geopolitical risks and economic uncertainty clashing, oil markets remain volatile.

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