Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices rose today extending gains from yesterday’s session boosted today by a weaker dollar and bullish IEA oil demand forecasts. The market has turned around after dropping to hit its lowest in nearly six months during Wednesday’s session. The International Energy Agency forecasted world oil consumption will rise by 1.1MM/bpd in 2024, up 130K/bpd […]
Oil prices edged up today from five month lows in yesterday’s session on a bigger than expected crude draw. Commercial crude inventories decreased by 4.3MM/bbls while gasoline inventories increased by 400K/bbls and distillate inventories increased by 1.5MM/bbls. “This (EIA) report is definitely more supportive than the (API) report that we saw yesterday,” said Phil Flynn, […]
Oil prices fell today trading down more than 3% on softening demand. In the U.S., the consumer price index unexpectedly rose in November, further bolstering the view the Federal Reserve was unlikely to cut interest rates early next year. Higher rates for longer could slow economic growth and speaks to a softening oil demand picture, […]
Oil prices were higher today coming off of last weeks lows as the market analyses OPEC production cuts. “Members participating in the output curtailments are not only seeing reduced revenue from smaller volumes but also from the price plunge that developed subsequent to the last OPEC+ decision,” said Jim Ritterbusch, president of Ritterbusch and Associates […]
“Don’t ever break someone’s trust. Once you do, then nobody wants to do business with you.”– Robert Budi Hartono Jobs Update Stocks closed higher on Friday of last week and up week over week The DOW closed higher on Friday of last week, up 130.49 points (+0.36%), closing out the week at 36,247.87, up 2.37 […]
Oil prices rose today reversing some of the losses from earlier in the week but still closing down WoW for the 7th week in a row. Both benchmarks are down 3.8% for the week. Fueling the market’s downturn, Chinese customs data showed its crude oil imports in November fell 9% from a year earlier as […]
Oil prices dropped to a 6 month low today as investors continued to worry about sluggish energy demand. Front-month prices for Brent began trading this week at a discount to prices in a half year for the first time since June, a signal that traders believe the market may have become oversupplied. “With the largest […]
Oil prices sunk today to their lowest settlement since June on a bearish EIA report and demand destruction on the fuel side. Gasoline stocks rose by 5.4MM/bls, compared to a forecasted rise of 1MM/bbls. Gasoline demand last week lagged the 10-year seasonal average by 2.5%. “Even though it was not the peak gasoline season, demand […]
Oil prices fell again today to near five month lows putting the market down for a fourth day in a row. Todays close was the lowest since July 6th. “The OPEC+ deal did little to support prices and given the (four) days of declines that followed it, traders are clearly very unimpressed,” said Craig Erlam, […]