Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
One challenge manufacturers will have to contend with is the rising costs of inputs, namely Steel, which Cowen and Company estimates has put a 15%-25% premium on newly built equipment.
“The record numbers of new infections in India have been making the headlines and fueling fears that demand may recover more slowly,
Refinery runs are only likely to move higher from here, and if we’re going to get runs over 15 MM/bpd and exports over 3MM/bpd we are going to consistently see draws going forward
Oil prices rallied today as more states begin the process of reopening. A weaker dollar, hit by an unexpected slowdown in U.S. manufacturing growth, also helped to shore up oil prices on Tuesday
Total North American rail volumes were up 24.8% year over year in week 16 resulting in qtd that are up 25.0% yoy
Today was the biggest drop for the Brent and WTI contract in over 3 weeks, though prices were still on track for large monthly gains.
Oil prices continued to strengthen today on the back of yesterday’s bullish EIA report and a weakening dollar. The dollar was at or near 9 week lows today as the Fed remains dovish and the White House continues to roll out bold spending plans.
Oil prices rose today as bullish distillate inventory numbers are raising optimism of recovering fuel demand. Refining activity also picked up, with utilization increasing by .4% to 85.4%.
Oil prices rose today despite OPEC+ confirming they intend to increase production. OPEC, Russia, and allies are sticking to their plans to ease production restrictions beginning in May, in a sign they think the recovery will be sustained enough to increase supply.
The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed,