Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices had a strong day as production will be coming back slower than anticipated. “We believe that both the crude and gasoline markets have yet to fully discount last week’s sizable reduction in Gulf coast crude production as well as a major decline in refinery activity,”
“Being on par in terms of price and quality only gets you into the game. Service wins the game.” Tony Alessandra. COVID-19 The United States currently has 28,765,423 confirmed COVID 19 cases and 511,133 confirmed deaths. US Jobless Claims The Department of Labor released its weekly report on new jobless claims Thursday morning of last […]
Oil prices extended yesterday’s loss as Texas prepares to ramp up production. Texas refiners had halted about 1/5 of nation’s oil processing power amid the deep freeze and power outages
I think there’s room for oil prices to move a little bit higher in this environment but, you know, not thinking about a price of $80 or $90 a barrel
This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $6
Colder weather across the US has been positive for oil demand, and the deep freeze has shut in an estimated 2MM/bpd of production in Texas.
Optimism for a recovery in oil demand as COVID-19 vaccines are rolled out while producers rein in supply has pushed the market structure for Brent and U.S. crude
A drop in new Covid cases and hospitalizations have also been encouraging for markets. “Expected U.S. stimulus and ongoing vaccine progress is likely to maintain appetite for risky assets
Oil prices cooled off today after a long win streak despite the Dow hitting record highs earlier today.
The oil rally is now the longest it has been in two years, with 9 straight winning days as vaccine, stimulus, and output cuts keep the momentum going. However, Bjornar Tonhaugen of Rystad Energy warned “The current price levels are healthier than the actual market and entirely reliant on supply cuts, as demand still needs […]