PFL Market Reports

Oil prices were higher today gaining about 2% as Iraq voiced its support for OPEC+’s oil cuts ahead of the meeting a couple weeks from now. This caused some speculators to cover massive short positions. “This was the perfect technical storm. We came into this week with an almost record short position and now we’re […]

Oil prices were stronger today after falling off for the last couple sessions. Market fundamentals dominated trader sentiments through much of Thursday as fears of Middle East supply disruptions have eased, said Jim Burkhard, vice president and head of research for oil markets at S&P Global Commodity Insights. “The onset of the Israel-Hamas war does […]

Oil prices traded down further today to its lowest level in 3 months. The EIA report will be delayed until the 15th but according the API crude stocks had a huge build. The EIA said production will rise this year by slightly less than expected but petroleum consumption will fall by 300K/bpd. “The market is […]

Oil prices dived today to the lowest price since July as demand worries took center stage. Mixed Chinese economic data and rising OPEC esports helped ease fears about tight markets. “Traders will remain on high alert for signs of a wider conflict emerging in the region that could disrupt supplies, but it seems those fears […]

Oil prices were higher today after Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts. “The announcement shows that Saudi has its shoulder to the wheel as it looks to tighten markets and increases prices,” John Kilduff, partner at Again Capital LLC in New York. The cuts could be extended into […]

Oil prices were lower today and lower week over week as some of the fear premium over Middle East tensions has left the market. At the same time US jobs data remained pretty strong and indications from the Fed also added to worries of more rate hikes to come. “The market is taking this conflict […]