Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Crude prices were slightly higher today after data showed a stabilizing US jobs market. Wednesday’s slower-than-expected U.S. inflation data for April also fed market expectations for a September cut in interest rates, which could temper dollar strength and make greenback-denominated oil more affordable for holders of other currencies. “Even though the jobless claims were low, […]
Oil prices rose today after lukewarm inflation data and a draw in crude inventories. US crude inventories fell 2.5MM/bbls, much higher than the 500K/bbl draw expected. “The crude oil draw is mostly from the increase in the refinery utilization rate … Refiners finally got serious about that, finally cranked it up a bit,” Bob Yawger, […]
Oil prices were lower today after US data stoked concerns that interest rates may stay high. Producer prices increased more than expected in April. Fed Chair Jerome Powell said he expects US inflation to keep declining through 2024 but warned he is less confident now. “The inflation story is not under control that is pulling […]
Oil prices rose today on signs of improving demand. Prices drew support from expectations of strong U.S. gasoline demand, as motorist group AAA forecast this year’s Memorial Day travel activity will be the highest since 2005, with road trips at a record since 2000. On the supply front, investors are watching for potential oil supply […]
“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins Jobs Update Stocks closed mixed on Friday of last week, but higher week over week The DOW closed higher on Friday of […]
Oil prices fell by nearly $1/bbl on Friday as central bank officials indicated higher for longer interest rates, which strengthened the dollar and could hinder demand. v Dallas Federal Reserve President Lorie Logan on Friday said it was unclear whether monetary policy was tight enough to bring down inflation to the U.S. central bank’s 2% […]
Oil prices were higher today, edging up to one week highs closing at their highest since the 30th. Data from China and the US both showed demand could rise. “Oil prices traded in a very tight range. There’s not a lot of oil news out there. The geopolitical news from the Middle East is in […]
Oil prices rose today on a larger than expected crude oil draw. Shrinking inventories indicating tighter supply helped prices as inventories fell by 1.4MM.bbls. This is higher than the 1.1 million bbl draw expected as refinery activity also increased. A weaker than expected US jobs report also helped boost prices as it raised expectations that […]
Oil prices were lower today trading down on easing of supply tightness. Markets traded down further after hours as the API survey showed a jump a crude inventories. “If EIA shows less barrels are going into the refineries, then that is a problem for crude oil here,” Mizuho analyst Robert Yawger said. “Heading into peak […]