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PFL Railcar Report 3-18-2024
“When you run a part of the relay and pass on the baton, there is no sense of unfinished business in your mind. There is just the sense of having done your part to the best of your ability. That is it. The hope is to pass on the baton to somebody who will run […]
Petroleum Daily Report 3-15-2024
Oil prices fell today after topping $85/bbl for the first time since November. “Supplies are tightening” for motor fuels, said Phil Flynn, analyst at Price Futures Group. “Prices are at risk to go higher.” But “there are worries the U.S. Federal Reserve won’t be able to cut interest rates” because inflation remains above the central […]
Petroleum Daily Report 3-14-2024
Oil prices were higher today settling at four month highs as the IEA predicted a tighter market in 2024. The IEA raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping but warned that “the global economic slowdown acts as an additional headwind to […]
Petroleum Daily Report 3-13-2024
Oil prices rose today to four month highs on a surprise draw in crude inventories and gasoline stocks. Crude stocks fell by 1.5MM/bbls last week, larger than the 1.3MM/bbls forcasted. Gasoline inventories fell by 5.7MM/bbls sending futures prices to their highest price since September 2023. “Gasoline is driving us today. There is growing concerns about […]
Petroleum Daily Report 3-12-2024
Oil prices were slightly lower today on bearish economic data. U.S. consumer prices increased solidly in February, the U.S. Bureau of Labor Statistics said, pinning nagging inflation largely on higher costs for gasoline and shelter. “This does show a second month of an increase,” said Tim Snyder, an economist at Matador Economics, noting the numbers […]
Petroleum Daily Report 3-11-2024
Oil prices were mostly flat for the day in a relatively quiet session. Both benchmarks ended last week lower after bearish Chinese data implied weaker demand in the world’s leading crude importer. At the same time, oil investors seemed to overlook geopolitical conflict that was initially seen as tightening global crude supplies. “It seems that […]
RIN Recap 3-11-2024
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PFL Railcar Report 3-11-2024
“The one thing we know about the future is that it comes only one day at a time.” – Jeff Rich Jobs Update Stocks closed lower on Friday of last week and lower week over week The DOW closed lower on Friday of last week, down -68.66 points (-0.18%), closing out the week at 38,722.69, […]
Petroleum Daily Report 3-8-2024
Oil prices were lower today, falling further for the week as markets remained wary of soft Chinese demand despite OPEC+ extending production cuts. “While supplies have remained on the tighter side given OPEC’s production cuts and Russian sanctions slowing exports, demand from China looks to be lagging and U.S. driving season demand has yet to […]