PFL Market Reports

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Oil rose on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.  U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents to close at $72.68 […]

Oil prices gained 1% cent today after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East.  U.S. West Texas Intermediate crude rose 65 cents per barrel, to settle at $72.02 per barrel. Brent futures rose 61 cents to close at US$77.41 per barrel. Earlier […]

Oil prices fell again today after a surprise jump in crude inventories. Prices were higher earlier in the session but reversed course after the EIA report was released. Crude inventories rose by 1.3MM/bbls compared to a forcasted drop of 700K/bbls. Gasoline stocks rose by 8MM/bbls while distillate stocks jumped by 6.5MM/bbls. “Part of the explanation […]

Oil prices climbed around 2% on Tuesday as the Middle East crisis and a Libyan supply outage pared the previous day’s heavy losses. “The more attractive alternative for (oil tankers) right now is to make a dash for the United States, where crude oil is cheaper than Brent,” said Bob Yawger, director of energy futures at […]

Oil prices tanked today as Saudi Arabia cut its sale price. On Sunday, rising supply and competition from rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. “That’s raising concerns about demand in China and global […]