Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices were lower today trading down as investors worried that a complicated OPEC+ decision could lead to higher supplies later in the year. “The communication of a surprisingly detailed default plan to unwind extra cuts makes it harder to maintain low production if the market turns out softer than bullish OPEC expectations,” Goldman Sachs […]
“Spectacular achievement is always preceded by unspectacular preparation.”– Robert H. Schuller Jobs Update Stocks closed mixed on Friday of last week and mixed lower week over week The DOW closed higher on Friday of last week, up 574.84 points (1.51%), closing out the week at 38,686.32, down -1,317.27 points week-over-week. The S&P 500 closed higher […]
Oil prices were lower for the day and week over week as investors are watching the OPEC+ meeting this Sunday that will determine the fate of the groups output curbs. “It’s the trepidation ahead of the OPEC meeting over the weekend,” said Matt Smith, lead analyst at Kpler, referencing the potential for the group to […]
Oil prices fell today after a surprise build in fuel inventories. Analysts had expected the U.S. Memorial Day holiday on May 27, the start of the U.S. summer driving season, would boost fuel demand. Yet EIA’s measure of gasoline demand slipped about 2% from the prior week to 9.15 million barrels per day. “I was […]
Oil prices eased today on gasoline demand worries. Worries about U.S. gasoline demand, meanwhile, have kept gasoline futures prices near a recent two-month low, cutting gasoline and 321- crack spreads, which measure refining profit margins, to their lowest levels since February. “Gasoline demand (is) still surprisingly weak in keeping supplies near normal levels as bullish […]
Oil prices were higher today gaining more than $1/bbl on the expectation that OPEC+ will maintain supply curbs. “This week’s upside follow through is being facilitated by a significant weakening in the dollar and a growing consensus that OPEC+ will extend production cuts at the upcoming weekend meeting,” said Jim Ritterbusch of Ritterbusch and Associates. […]
“Believe you can and you’re halfway there” – Theodore Roosevelt Jobs Update Stocks closed higher on Friday of last week, but mixed week over week The DOW closed higher on Friday of last week, up 4.33 points (0.01%), closing out the week at 39,069.59, down -934 points week-over-week. The S&P 500 closed higher on Friday […]
Oil prices rose on Friday, but fell for the week on worries that strong U.S. economic data would keep interest rates elevated for a longer period, curbing fuel demand. U.S. West Texas Intermediate (WTI) crude futures settled 85 cents, or 1.1%, higher to $77.72. Worries over Federal Reserve interest rate policy and last week’s bump […]