Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices fell for a fourth consecutive session on Thursday and settled at multi-month lows as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world’s biggest oil market. West Texas Intermediate (WTI) crude futures fell 70 cents per barrel, or 0.9%, to close at $76.87 a barrel, a three-month […]
Oil prices slipped today for a third straight day as Fed officials rekindled worries about oil demand by indicating interest rate cuts may be deferred longer than expected. Minutes released today from the Feds last meeting indicated they believe inflation could take longer to ease then previously thought. Crude stocks rose last week by 1.8MM/bbls […]
Oil prices fell today as lingering US inflation looked likely to keep interest rates higher for longer. “The market is very focused on gasoline demand in the U.S. because there are signs that consumers are cutting back because of inflation. Unless that turns around, the market is suggesting things could be a little bleak,” said […]
Oil prices eased today trading down as U.S. Federal Reserve officials said they were awaiting more signs that inflation was declining before the central bank starts cutting interest rates. Two top Fed officials said they’re not yet ready to say inflation trends are again moving sustainably back to the central bank’s 2% target, weighing in […]
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“From a small seed a mighty trunk may grow.” – Aeschylus Jobs Update Stocks closed mixed on Friday of last week, but higher week over week The DOW closed higher on Friday of last week, up 134.21 points (0.34%), closing out the week at 40,003.59, up 490.75 points week-over-week. The S&P 500 closed higher on […]
Oil prices settled higher today, with Brent notching its first weekly gain in three weeks as economic indicators from the US and China bolstered hopes for higher demand. Chinas industrial output rose 6.7% year over year as a recovery in its manufacturing sector gained pace. Declines in oil and refined product inventories at global trading […]
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 […]