
PFL Railcar Report 6-5-2023
Russia has been a thorn in Saudi Arabia’s side, selling cheap oil and overproducing (Saudis want the price of oil at $80 per barrel or higher)
Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.

Russia has been a thorn in Saudi Arabia’s side, selling cheap oil and overproducing (Saudis want the price of oil at $80 per barrel or higher)

Weaker jobs data was also bullish as the hope is that the Federal Reserve will pause interest rate hikes

The short sellers have come out to play big time in the last several days and Saudi Arabia’s energy minister is warning them to tread lightly.

The dollar index had some support today from cooling European inflation which was a drag on prices.

The big elephant in the room is the continued drama over the debt ceiling

PFL received the Safety Excellence Award from BP, highlighting our unwavering commitment to safety and collaboration in creating a secure work environment.

S&P Global Platts has decided to add WTI Midland crude to its dated Brent oil price assessment for June deliveries.

Stay informed about oil prices, US debt ceiling talks, robust gasoline demand, & the upcoming OPEC+ meeting.

Oil prices settled lower today after the Russian Deputy Prime Minister played down the prospect of further OPEC+ production cuts

Oil prices rose 2% today after a large unexpected drawdown of Crude inventories. Crude inventories had a massive draw of 12.5MM/bbls.