As any new restrictions will likely be more localized, the oil demand recovery should still continue, although at a slower pace with the easiest demand gains behind us
PFL Railcar Report 9-21-2020
“Paying attention to simple little things that most men neglect makes a few men rich.” – Henry Ford COVID 19 and Markets Update The United States currently has 7,004,768 confirmed COVID 19 cases and 204,118 confirmed deaths. The U.S. Labor Department stated on Thursday of last week that U.S. workers filed an additional 860,000 initial […]
Petroleum Daily Report 9-17-2020
Oil prices continued their rise today as energy companies return crews to offshore platforms in the Gulf. Prices reversed earlier losses turning positive for the day as Saudi Arabia forcefully cracks down on OPEC+ member countries that failed to comply with their planned cuts.
Petroleum Daily Report 9-16-2020
Oil prices had their best day since June after a mostly bullish EIA report and Hurricane Sally’s impact taking roughly 500K/bpd of production offline.
Petroleum Daily Report 9-15-2020
Oil prices rose for the day on the back of hurricane Sally’s expected landfall in the Gulf.
Petroleum Daily Report 9-14-2020
Crude oil prices continued their decline as yet another storm brews in the Gulf. “The storm is taking production offline in the Gulf of Mexico, and the market doesn’t care – that shows just how bad the situation is,”
PFL Railcar Report 9-14-2020
It is a mess in the West and rail traffic is getting impacted. In Oregon, 36 fires have charred 863,794 acres, according to state data Friday. Thousands have been evacuated from their homes and at least eight people have died since late August because of the fires.
Petroleum Daily Report 9-10-2020
Oil prices came back off today as there was a surprise build in inventories. Crude oil inventories increased by 2mm/bbls, compared to a forcasted draw of 1.3MM/bbls.
Petroleum Daily Report 9-8-2020
Oil prices collapsed today hitting their lowest levels since June as demand concerns persist. Saudi Arabia announced an October price cut for Asia and North America, effectively taking WTI off the market for Asian buyers.
PFL Railcar Report 9-8-2020
The U.S. Labor Department stated on Thursday of last week that U.S. workers filed an additional 881,000 initial jobless claims, bringing the total initial claims since COVID-19 to nearly 59 million.