Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices were lower today on hopes of de-escalation of the middle east conflict. Hamas’ armed wing released two US hostages from Gaza. “The report took some of the risk premium out of the market,” said Phil Flynn, analyst at Price Futures Group. “The market went from starting the day with little hope and went […]
Oil prices settled higher today as traders remained nervous that Israel’s military campaign in Gaza could escalate to a regional conflict. Israeli Defense Minister Yoav Gallant told troops gathered at the Gaza border that they would soon see the Palestinian enclave “from inside,” suggesting an expected ground invasion could be nearing. U.S. West Texas Intermediate […]
Oil was up 2% today on the back of a big U.S. crude storage draw and continued Middle East tensions. The U.S. Energy Information Administration said energy firms pulled 4.5 million barrels of crude from stockpiles during the week ended October 13, 2023. Supplies declined 800,000 barrels at Cushing to its lowest level since October […]
Oil prices were mostly flat today. Both benchmarks have been rallying since tensions flared up in the Middle East. “Oil prices are wavering as energy traders await to see if the U.S. diplomatic efforts will be successful in preventing the Israel-Hamas conflict from turning into a wider regional war,” said Edward Moya, senior market analyst […]
Oil prices were lower today as expectations are rising that the US and Venezuela will reach a deal easing sanctions on their crude exports. “The reported deal … would help to raise the country’s oil output from very depressed levels,” said William Jackson, chief emerging markets economist for Capital Economics. “But the sector requires enormous […]
“ It is the mark of an educated mind to be able to entertain a thought without accepting it.“ — Aristotle Jobs Update Stocks close mixed on Friday of last week and mixed week over week The DOW closed higher on Friday of last week, up 39.15 points (0.12%), closing out the week at 33,670.29, up […]
Oil prices jumped today rallying to close at the week on rising mid east tensions. The conflict in Israel is not expected have a major impact on oil and gas supplies but market participants are assessing how it could escalate to a broader regional conflict and what problems that could cause. If the U.S. tightens […]
Oil prices were up earlier in the session but traded down after a surprise build in crude inventories. Crude inventories rose by 10.2MM/bbls last week much higher than analysts’ expectations of a500K/bbl build. Lower refining utilization rates and higher net imports added to the crude build, said Bob Yawger, director of energy futures at Mizuho. […]
Oil prices fell today trading down 2% as Saudi Arabia pledged to help stabilize oil markets if there were any disruptions as a result of the ongoing middle east conflict. Mercuria sees prices hitting $100/bbl if the situation escalates further. “The only thing that is becoming clear for energy traders is that the road for […]
Oil prices were lower today but traded up from session lows reached earlier in the day. “Today it’s more like a ping pong game of fear-on, fear-off rather than trading on fundamentals,” said Phil Flynn, an analyst at Price Futures Group. Brent and WTI had surged more than $3.50 on Monday as the military clashes […]