Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Crude prices continued to rally today with Brent and WTI both closing at 7 year highs. OPEC+ is pushing back on pressure to increase output and has so far stuck with their existing production schedules
Crude prices continued to rally today with Brent and WTI both closing at 7 year highs. OPEC+ is pushing back on pressure to increase output and has so far stuck with their existing production schedules
Crude prices continued to rally today with Brent and WTI both closing at 7 year highs. OPEC+ is pushing back on pressure to increase output and has so far stuck with their existing production schedules
Oil prices remained strong today along with nat gas, with WTI touching the highest level since 10/2014. Brent is now hovering around 3 year highs.
Even though there was a slight dip in rig count week over week we are seeing good signs of investment in the oil patch. We expect to see rig count to continue to increase year over year particularly in Canada
Oil prices rose today, hovering near recent highs and closing up week over week. Gasoline demand remains strong, with the highest implied demand since 2007 despite higher prices at the pump.
Oil prices fell today as forecasts for a warmer winter put the brakes on the recent rally in energy prices. According to NOAA, the winter weather in large parts of the US is expected to be warmer than average.
Saudia Arabia’s Minister of Energy stated users that are switching from gas to oil could account for an increase up to600,000 barrels per day of crude demand depending on other factors such as the looming winter season and the prices of other sources of energy.
Supply-demand balances show that the market is experiencing a supply deficit, which is spurring deep inventory draws and driving prices upwards,
Prices were mixed, with Brent pulling back slightly after touching multi year highs. Production at U.S. factories fell by the most in seven months in September