Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
“If I had asked people what they wanted, they would have said faster horses” – Henry Ford As of August 1st, the total number of cars in storage is 504,043, representing a decline of 22,427 (-4.26%) month over month and an increase of 163,055 (47.8%) from this time last year. This currently represents 30.21% of […]
“In the medium term the weak demand is likely to weigh more heavily than the positive sentiment (is supportive), which is why we expect prices to correct in the near future,”
Oil prices jumped to a five month high today on a larger than expected inventory drop. Both contracts had traded up as much as 4% earlier on in the session before trading down later in the day. Crude stocks were down 7.37 MM/bbls, vs a forecasted draw of -2.37MM/bbls.
Oil prices traded up today on hopes of new US stimulus and progress against the virus. Brent closed at its highest level today since early March while WTI was also trading at its highest level since March earlier in the day.
“The industrial sector is picking back up and that portends well for demand going forward,” said John Kilduff, partner at Again Capital LLC in New York.
” There are two kinds of people: those who do the work and those who take the credit. Try to be in the first group; there is less competition there.” — Indira Gandi COVID-19 and Markets Update The United States currently has 4,813,984 confirmed COVID-19 cases and 158,372 confirmed deaths The U.S. Labor Department stated […]
Oil prices rose today after initially trading down, posting its third straight month of gains. Prices benefited from a report that US output cuts in May were the largest on record.
Oil prices traded down today after crude stocks had their biggest draw down since December yesterday.
Oil prices edged up slightly after a sharp drop in US crude inventories, offsetting a decline in net imports of 1mm/bpd. This was the largest draw down since December, which Reuters indicates is likely a result of the OPEC supply cuts being “realized”.
Oil prices fell today as US lawmakers battle out a fresh stimulus/aid package. “There’s concern with the stimulus out of Washington, which is critical to the oil complex and to supporting demand, especially for gasoline,”