Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. “We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up,” said Bob Yawger, director of energy futures […]
Oil prices rallied today hitting new highs for 2023 as Saudi Arabia and Russia extended their voluntary supply cuts through the end of year. Analysts had largely expected the group to continue the cuts for another month through October but through the end up the year was a supply shock to the upside. “This is […]
“You never really learn much from hearing yourself speak.” ― George Clooney Jobs Update Stocks closed mixed on Friday of last week, but higher week over week The DOW closed higher on Friday of last week, up 115.8 points (+0.33%), closing out the week at 34,837.71, up +490.81 points week-over-week. The S&P 500 closed higher […]
Oil prices broke higher today closing at seven month highs. After surging for the last couple weeks oil is approaching the upper part of a huge technical range. This Brent close above the $88 level pushed the 50 day moving average above the 200 day moving average which in technical terms could mean a big […]
US crude prices gained today on prospects of OPEC+ production cuts continuing through the end of the year. “With Brent prices having stalled in the mid-$80s … the prospect of those Saudi barrels returning to the market any time soon looks slim and the impact is increasingly being felt across the world as commercial stock […]
Oil prices gained today continuing yesterdays rally on a positive EIA report as inventories fell by 10.6MM/bbls, exceeding expectations. Analysts had forecasted a drop of 3.3MM/bbls. Meanwhile product supplied for gasoline was at about 9.1MM/bpd. Analysts are advising caution on these demand numbers however. “I would expect (gasoline demand) to fall precipitously from here,” said […]
Oil prices were stronger today rising as the dollar slid. Meanwhile Hurricane Idalia is forecast to make landfall as a category 3. The storm will likely impact fuel distribution system and hit fuel consumption in the affected regions just ahead of Labor day. Adding to supply concerns, US rig count declined in august for the […]
Oil prices were higher today as China took steps to bolster is flagging economy. Investors remained worried however about the pace of growth and further US interest rate hikes. The focus today is on “China actions to support its economy, Tropical Storm Idalia heading for Florida and whether Brent can regain momentum on a break […]
“Railroads are the great symbols of modernity. They are also, less obviously, the great symbols of democracy.” – Paul Theroux Jobs Update Stocks closed higher on Friday of last week, but mixed week over week The DOW closed higher on Friday of last week, up 247.48 points (+0.73%), closing out the week at 34,346.9, down […]