Oil prices rose today, hitting 11 month highs, buoyed by Saudi Arabia’s production cuts. Analysts are also expecting a drop in crude supplies in tomorrow’s EIA report. “Storage at Cushing is only 10.2
million barrels below the all-time record high, so there is no problem with supply here in the U.S., but the complex is responding positively to this chatter about undersupply,” said Bob Yawger, director of energy futures at Mizuho. However, oil price gains continue to be capped as coronavirus wreaks havoc on global demand. WTI traded up $.96 or 1.84% to close at $53.21 Brent traded up $.92 or 1.65% to close at $56.58.
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Thanks to followers like you we were able to reach our goal of 1,000 LinkedIn followers. Since our last promotion was so successful we are going to do it each quarter! Help us reach 1,500 followers by Q2 and you will be put into our next raffle to win a PFLX railcar! All you need to do to qualify is Like and Share our latest Railcar Giveaway post on LinkedIn and follow our LinkedIn page! Once we hit our Quarterly goal our very own Lisa will draw a random name from a hat.
Disclaimer – Only one person will be selected at random to win per quarter. PFL must reach 1,500 total followers by the start of the Second Quarter. (As of writing this PFL is at 1,087 followers) To qualify you must like, share the post on LinkedIn and follow the PFL LinkedIn page. You must be 18+ and live within USA or Canada. See link below for the LinkedIn post. Redrawing will be held in the event the winner cannot be reached.