Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices were mostly flat today after yesterday’s strong session as increased measures to control the spread of the virus are putting a damper on implied demand. “Concerns of more lockdowns are hurting near-term demand expectations,”
“Vaccine euphoria has already been priced in heavily since last week, but a second remedy to COVID-19 shows that a large-scale vaccination program, with sufficient amounts for the global population, is somewhat closer now,”
The number of people actively reentering the work force seems to be stalling. V shaped recovery?
Oil prices fell today pressured by rising COVID cases and further lockdown restrictions. Production in Libya is also swelling, reaching as much as 1.125 MM/bpd.
Oil prices traded down after initially trading up for the first half of the session as a larger than expected rise in inventories capped gains.
Crude prices continued to rise today as vaccine hopes continued to be supportive of prices and preliminary polling showed a drop in crude inventories.
When the European lockdowns were announced, I never saw sentiment in oil turn so negative so quickly,” said John Kilduff,
If you all of a sudden have a vaccine and we start opening up and life starts getting back to normal, we go from a perception of an oversupplied market to a very tight market next year and that could be very supportive for prices,”
The U.S. Labor Department stated on Thursday of last week that U.S. workers filed an additional 751,000 initial jobless claims.
As of November 1st, the total number of cars in storage continued to decline for the fourth consecutive month, to 439,557 cars in storage.