Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil traded higher today for third straight week on tight supply and China optimism. U.S. West Texas Intermediate futures traded higher today and closed up 61 cents per barrel to close at $90.77 per barrel. Brent crude futures rose 23 cents, to settle at US$93.93 per barrel. Both contracts gained about four per cent week […]
Oil prices rose today to their highest price yet this year on expectations of tighter supply. “The market is getting increasingly nervous about the sufficiency of supply,” said John Kilduff, partner at Again Capital. “Russia and Saudi are acting in a way that could materially constrain supplies as we get into the peak northern hemisphere […]
Oil prices were lower today after starting off the session strong on a surprise inventory build. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility to its lowest since July 2021. Crude inventories were up by 4MM/bbls last week vs a forecasted drop of 1.9MM/bbls. […]
Oil jumped 2% today to a 10 month high on the back of OPEC predicting tight supplies. U.S. West Texas Intermediate crude rose $1.55 per barrel, to settle at $88.84 per barrel. Brent futures rose US$1.42 per barrel, to settle at US$92.06 per barrel. From a technical standpoint both benchmarks remain technically overbought, and closed […]
Oil prices were pretty much flat for the day but holding above the key $90 per barrel level. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. “Much of this reduced supply has simply served […]
“Terrorist attacks can shake the foundations of our biggest buildings, but they cannot touch the foundation of America. These acts shatter steel, but they cannot dent the steel of American resolve.”– George W. Bush Jobs Update Stocks closed higher on Friday of last week, but lower week over week The DOW closed higher on Friday […]
Oil prices were higher today with Brent rallying to nine month highs as rising Diesel futures lifted prices and increased worries about tight supplies. Both contracts closed higher about 2% week over week. “Crude prices continue to trade on supply-side drivers. No one is doubting that OPEC+ will keep this market tight going into the […]
Brent fell below $90 today in a volatile session halting a two week rally. Thursday’s fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. “Crude futures are feeling some corrective pressure from a new high in the U.S. Dollar Index as well as more weakening economic numbers from […]
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 […]