
Petroleum Daily Report 5-31-2023
The dollar index had some support today from cooling European inflation which was a drag on prices.
Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.

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.

Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts.

Tensions with China are also on the rise as the PRC is upset with the G7 summit calling it an “anti-China workshop”.

In another round of Washington wisdom, the EPA announced on Thursday of last week new carbon pollution standards for