Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.
Oil prices fell today on concern about a drop in demand and lackluster production cuts. OPEC+ last week announced production cuts that are voluntary in nature, raising doubts about whether or not producers would fully implement them. Investors were also unsure about how the cuts would be measured. “The market has decided (OPEC+ production plans) […]
“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 294.61 points (+0.82%), closing out the week at 36,245.5, up 855.35 […]
Oil prices fell more than 2% today closing out a volatile week down about 2% WoW. OPEC+ announced additional production cuts yesterday, but the market has received this cut with skepticism. “(It) seems traders either aren’t buying that members will be compliant or don’t view it as being sufficient,” Erlam added. In the United States, […]
Oil prices fell today after the voluntary production cuts announced by OPEC+ fell short of market expectations. The group announced cuts of 2MM/bpd for the first quarter of next year however 1.3MM/bpd of that was an extension of current cuts. “From what we’ve seen so far, this looks like a paper cut of around 600-700,000 […]
Oil prices rose today as Saudi Arabia is reportedly pushing for a production cut of an additional 1MM/bpd. Investors have focused their attention on tomorrows OPEC meeting on expectations of fresh supply cuts. “All eyes are on the Nov. 30 OPEC meeting, and the fine details will matter,” CFRA analyst Stewart Glickman said. The EIA […]
Oil prices were higher today settling higher on the possibility that OPEC+ will extend or deepen supply cuts. The group will meet on Thursday to discuss 2024 after initially pushing back the meeting last week. “We believe the market’s primary focus surrounds the continuation of Saudi Arabia’s additional voluntary cuts of 1 million barrels per […]
Oil prices fell today, with the Brent closing below US$80 per barrel as investors await this week’s OPEC+ meeting now postponed to November 30th – who knows what these guys are thinking! U.S. West Texas Intermediate crude futures lost 68 cents per barrel, or 0.9%, to close at $74.86 per barrel. Brent crude futures closed […]
“Remembering that the real meaning of Thanksgiving is gratitude and not food will bring the focus back there.”-Joshua Rosenthal Jobs Update Stocks closed mixed on Friday of last week, but up week over week The DOW closed higher on Friday of last week, up 117.12 points (+0.33%), closing out the week at 35,390.15, up 442.92 […]