
Petroleum Daily Report 1-19-2021
Oil prices rose today buoyed by rising equities heading into tomorrow’s inauguration. There is a lot of optimism in oil markets on proposed stimulus
Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.

Oil prices rose today buoyed by rising equities heading into tomorrow’s inauguration. There is a lot of optimism in oil markets on proposed stimulus

Total US rail car traffic was +2.0% year over year and total Canadian rail car traffic was up +1.6%

Oil prices were off today, as concerns build over rising Covid cases and the state of the economy in Q1 and going forward. This is the first weekly decline in 3 weeks as financial contracts had been boosted by strong equities and weaker dollar.

Oil prices were trading down for the day before trading up later in session on news of a big proposed stimulus package by the incoming administration.

Oil prices traded down today as there was a draw in crude stockpiles for the 5th straight week but another build in refined product inventories.

Oil prices rose today, hitting 11 month highs, buoyed by Saudi Arabias production cuts.

Total North American rail volumes were up 1.3% yoy in week 53 resulting in Q4 volumes that finished up 3.0% and 2020 volumes that finished down 6.7%

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.

Oil prices eased today along with other financial markets. “The renewed concerns about demand due to very high numbers of new corona

Oil prices hit 11-month highs and closed higher for the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets