Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
The rug was pulled out from below oil prices as jitters around the US Federal Reserve meeting later this week sparked a sharp selloff. Goldman Sachs cut its oil price forecasts early on Sunday, citing higher-than-expected supplies later this year and through 2024. The bank’s December crude price forecast now stands at $86 a barrel […]
“I have learned that success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome while trying to succeed.” – Booker T. Washington Jobs Update Stocks closed higher on Friday of last week and mixed week over week The DOW closed […]
Oil prices fell today by more than a dollar, closing out the week with the second straight weekly decline. Both benchmarks lost more than $3 on Thursday after a media report that a U.S.-Iran nuclear deal was imminent and would result in more supply. Prices pared losses after both countries denied the report, ending about […]
Oil prices were lower today but managed to rebound from earlier losses after a report was released claiming that the US and Iran were close to reaching a new nuclear agreement. A spokesperson for the White House National Security Council later called the report “false and misleading”. “If there’s no Iran deal then we’re back […]
Oil prices climbed higher today about 1% reversing some of yesterday’s losses. “Futures seem to be in a ‘tug of war’ with slowing demand for manufacturing, and lighter diesel demand, against expected production cuts coming from OPEC & Saudi,” said Dennis Kissler, senior vice president of trading at BOK Financial.US crude stocks fell by about […]
Oil prices were lower today on worries of sluggish economic growth hurting energy demand. This outweighed the production cuts announced by Saudi Arabia on Monday. The Kingdom also unexpectedly cut its selling price to Asian buyers again. However, the Saudi supply cut is unlikely to achieve a “sustainable price increase” into the high $80s and […]
Oil prices were higher today after the Saudis announced to production cuts of an additional 1MM/bbls
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.