Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices were lower today as worries over Middle east conflict continued to ease. “It appears the fundamentals that we trade with are leaning towards a little settling down in the Middle East,” said Tim Snyder, economist at Matador Economics. A draw in US crude inventories this week gave prices a floor as stockpiles fell […]
Oil prices were higher today as the dollar fell to its lowest level in more than a week. S&P global data showed US business activity cooled in April to a four month low on weaker demand. Investors are looking to the release later this week of U.S. first-quarter gross domestic product data as well as […]
Oil prices were lower today as traders were focused on market fundamentals seeing little near term risk of a flare up in Middle East tensions. “The fundamentals on oil are strong,” Flynn said. “The expectation is the markets are going to tighten this summer on the supply side.” Economic concerns have again become a bearish […]
“Every man’s work, whether it be literature, or music or pictures or architecture or anything else, is always a portrait of himself.” – Samuel Butler Jobs Update Stocks closed mixed on Friday of last week, mostly lower week over week The DOW closed higher on Friday of last week, up 211.02 points (0.56%), closing out […]
Oil prices were slightly higher today, posting a weekly decline after the Middle East risk premium came out of prices. Both benchmarks spiked more than $3 a barrel earlier in the session after explosions were heard in the Iranian city of Isfahan in what sources described as an Israeli attack. However, the gains were capped […]
Oil prices remained near a three-week low as investors assessed mixed U.S. economic data, U.S. sanctions on Venezuela and Iran, and easing tensions in the Middle East. Increased interest in energy trading lifted open interest in Brent futures to its highest level since February 2021. In the U.S., unchanged unemployment claims suggested ongoing labor market […]
Oil prices were lower again today settling down over 3% on the day as commercial crude inventories rose. Oil prices have also continued to soften as economic headwinds curbed gains from geopolitical tensions. “The market was waiting to sell off on indications of calming of tensions in the Middle East … progress on these bills […]
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Oil prices actually slipped lower today despite the attack on Israel over the weekend as the event proved less damaging than originally anticipated. Both benchmarks had risen Friday with anticipation of Iran’s assault pushing prices to their highest level since October. “The success of the Israeli defense implies that the geopolitical risk has pulled back […]