
Petroleum Daily Report 2-9-2021
Brent reached $61.09 up $1.22 hitting a fresh high as OPEC+ cuts, along with the expectation of another
Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.

Brent reached $61.09 up $1.22 hitting a fresh high as OPEC+ cuts, along with the expectation of another

Today Egypt announced that their oil and gas companies are set to launch their new oil and gas exploration by the end of this month.

U.S. consumer spending fell a preliminary 0.2% in December 2020 from November 2020, following a revised 0.7% drop in November from October

The number of cars in storage continued to decline and is getting closer to pre-pandemic levels as the economy begins to recovers and cars are retired.

U.S. employment growth rebounded moderately in January and job losses in the prior month were deeper than initially thought, underscoring what some say is an urgent need for additional relief money from the government.

The dollar is at 2 month highs, now well above the 50 day moving average (and everybody has been pricing assets according to the dollar going lower) but speculative

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Oil prices jumped today to fresh new highs (post pandemic) as OPEC production increases were less than expected.

A U.S. appeals court dealt a blow to the Dakota Access crude oil pipeline on Tuesday of last week, upholding a lower court’s decision to throw out a key federal permit for the line and ordered a lengthy environmental review that will determine if it can keep operating.
