Oil futures continued their rise today after the Saudis announced an unexpected
incremental production cut.
Petroleum Daily Report 5-11-2020
Oil prices reversed early losses and turned positive for the day after Saudi Arabia’s energy minister said the kingdom aims to provide additional voluntary cuts in an effort to support global markets.
PFL Railcar Report 5-11-2020
Total North American rail volumes were down 21.1% year over year in week 18 (U.S. -22.1%, Canada -15.8%, Mexico -29.4%), resulting in quarter to date volumes that are down 19.5% and year to date volumes that are down 9.9% (U.S. -11.4%, Canada -5.8%, Mexico -5.0%).
PFL Railcar Storage Report 5-11-2020
As of May 1, 2020, there were 418,119 empty railcars in storage, representing 25.0% of the North American fleet.
Petroleum Daily Report 5-8-2020
The number of active oil and gas rigs fell by 34 to 374 – an all-time low for data going back 80 years.
Petroleum Daily Report 5-7-2020
Oil prices turned negative in afternoon trading after initially trading up more than 11% from the open. Saudi Arabia raised its official oil selling price, alleviating some pressure on global prices.
Petroleum Daily Report 5-6-2020
Oil snapped a five day win streak today despite crude inventories swelling less than forecasted. WTI has now soared over 50% in the last week and some of this selling could be attributed to investors locking in gains.
Petroleum Daily Report 5-5-2020
Oil surged again today on a five day win streak. Particularly gasoline demand seems to be improving as noted by a multiple companies over the last few days as well as increased traffic.
Petroleum Daily Report 5-4-2020
“Demand growth in China is good for the energy market right now, it is pretty much the only game in town” said Bob Yawger, director of energy futures at Mizuho.
PFL Railcar Report 5-4-2020
The Australian’s leaked a report over the weekend that was prepared for the 5 countries that held China responsible for the spreading of the virus out of Wuhan.