Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
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 […]
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 […]
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 […]
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 […]
“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, […]
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 […]
Oil prices were mostly flat today as markets weighed new economic data from China against increasing supply from the Western Hemisphere. China’s import and export growth beat estimates, suggesting global trade is turning a corner. Despite the positive days overall crude imports to China have been falling. “The import numbers were down substantially because they […]
Oil prices were higher today edging up about 1% on a smaller-than-expected build in U.S. crude inventories, a big withdrawal from distillate and gasoline stocks. Crude stocks had a build of 1.4MM/bbls compared to a forcasted build of 2.1MM/bbls. “The draw down in gasoline and distillates has the market’s attention. This is a wake up […]
Oil prices were lower today as declining risk appetite hit financial assets across the board. Risk off sentiment in the broader financial markets weighed on prices. A weaker dollar provided some support for prices on easing growth in the services sector. “Beyond that, the market is really just looking for the next headline here, with […]