Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium, but prices were up slightly week over week – the first week over week gain in over a month. OPEC+ has a meeting next week to decide on production cuts in 2024. Meanwhile Canada continues to wait for […]
Oil prices fell today in a volatile session. OPEC+ producers unexpectedly announced they would delay the upcoming meeting on production cuts, raising questions about global crude supplies. The meeting was postponed from Nov. 26th to Nov 30th. U.S. crude oil inventories rose by 8.7MM/bbls last week on higher imports. The U.S. dollar bounced back from […]
Oil prices were mostly flat for the day. Prices pared losses late, with one more session before the U.S. Thanksgiving holiday on Thursday, which typically yields lower trading volumes in oil. “Going into the long weekend the market would rather be a little bit long than short,” said Andrew Lipow, president of Lipow Oil Associates. […]
Oil had a stronger session today boyed by expected OPEC+ production cuts. Both benchmarks have plunged for four straight weeks, but started to rebound on Friday, settling 4% higher on profit-taking and after three OPEC+ sources told Reuters that the producer group is set to consider whether to make additional supply cuts when it meets […]
“Anyone can get angry — that is easy … but to do this to the right person, to the right extent, at the right time, with the right motive, and in the right way, that is not for everyone, nor is it easy.” – Aristotle Jobs Update Stocks closed higher on Friday of last week […]
Oil jumped 4% after a week-long selloff, on the back of short covering and U.S. sanctions on some Russian oil shippers but fell for a fourth week in a row. West Texas Intermediate crude rose $2.99 per barrel today, (+4.1%) to close at $75.89 per barrel. Brent crude futures settled up $US3.19 per barrel (4.1%) […]
Oil prices slumped today to four month lows dropping around 5% on the day. Investors remain worried about global oil demand exacerbated by weak data from the US and Asia. Both contracts also traded deeper into contago. “The mood is negative, the charts are negative,” said Phil Flynn, an analyst at Price Futures Group. “It’s […]
Oil prices tumbled today on the EIA report showing a larger than expected rise of crude inventories. Crude stocks rose by 3.6MM/bbls last week far exceeding expectations of a 1.8MM/bbl jump. “U.S. supply activity is headwind for the market, and U.S. is a problem for OPEC+,” said John Kilduff, partner at Again Capital LLC in […]
Oil prices were flat for the day after rising earlier in the session. In early trade, both crude benchmarks rose by over $1 a barrel after the International Energy Agency (IEA) boosted its demand growth forecasts and the U.S. dollar fell on data showing inflation was slowing in the world’s biggest economy. Uncertainty over tomorrow’s […]
Oil prices rose again today as OPECs monthly market eased worries about waning demand. “The OPEC monthly oil market report appeared to push back against demand concerns, referencing overblown negative sentiment around Chinese demand while raising demand growth forecasts for this year and leaving them unchanged for next,” Craig Erlam, senior market analyst at OANDA, […]