Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil and other financial markets lid today on renewed coronavirus fears and its potential effects on crude demand. Analysts reports and forecasts of impacts from the virus have been scattered all over the map with some saying the virus has peaked and others saying it’s only just begun.
Oil posted its 6th gain out of the last 7 sessions buoyed by a smaller than expected inventory build. Non-strategic commercial crude inventories rose by just 414K bbls last week, compared to an expected 2.5MM/bbls that was forecasted.
Oil prices continued their rise today as coronavirus fears seem to be easing. This week, oil prices were also buoyed by a U.S. decision to blacklist a trading subsidiary of Russia’s Rosneft, which President Donald Trump’s administration said provided a financial lifeline to Venezuela’s government.
The latest and greatest on the coronavirus, North American Rig Count, Hot Markets and more
Coronavirus, Derailment in Saskatchewan, North American Rig count updates and more in this week’s Railcar Report.
Pressure Cars move into Storage Storage continues to be active and we are now seeing pressure cars making their way to storage due to the warm winter thus far and demand destruction. LNG Prices Collapsed Asian liquefied natural gas (LNG) prices have collapsed over fears of the potential demand destruction from the coronavirus outbreak and […]
“You don’t make the poor richer by making the rich poorer.” Winston Churchill Groundhog’s Day We hope that everyone had a great Super bowl celebration. Yesterday was also Groundhog Day. Punxsutawney Phil was awoken from his wintry sleep and predicted an early spring as he did not see his shadow good news for farmers and bad news […]
Folks, what a week last week was in the markets. The market went from being bullish crude to bearish seemingly overnight as news erupted over the coronavirus virus hitting China in a big way and spreading.
Geopolitical risk is seemingly having a lessor impact on oil prices. It’s a trading pattern that would have been unthinkable a decade ago, but has become increasingly familiar. The threat of conflict loomed over the heart of the global oil market this past week, but the usual panic buying by traders was met quickly by a wave of U.S. shale drillers locking in future pricing and hedging their output.
Storage continues to be active with the return on lease locations still in full swing. There is definite tightening across a few regions while at the same time capacity is being added. Keep in touch with PFL for all your storage needs, as supply and demand is ever changing. If you have a project need to […]