{"id":15580,"date":"2024-10-20T17:44:25","date_gmt":"2024-10-20T21:44:25","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=15580"},"modified":"2024-10-30T10:40:48","modified_gmt":"2024-10-30T14:40:48","slug":"pfl-railcar-report-10-21-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-10-21-2024\/","title":{"rendered":"PFL Railcar Report 10-21-2024"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong>\u201cA pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.\u201d<br>-Winston Churchill<\/strong><\/p>\n\n\n\n<center><iframe width=\"100%\" style=\"width: 100%; aspect-ratio: 16 \/ 9;\" src=\"https:\/\/www.youtube.com\/embed\/CG05jdl3juk\" title=\"The PFL Petroleum Services Weekly Briefing\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen>The PFL Petroleum Services Weekly Briefing<\/iframe><\/iframe><\/center>\n\n\n\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\"><strong><u>Jobs Update<\/u><\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span style=\"text-decoration: underline;\">Initial jobless claims seasonally adjusted for the week ending October 12th came in at 241,000<\/span><\/strong>, down -19,000 people week-over-week.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"779\" height=\"403\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-15.png\" alt=\"\" class=\"wp-image-15581\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-15.png 779w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-15-300x155.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-15-768x397.png 768w\" sizes=\"auto, (max-width: 779px) 100vw, 779px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span style=\"text-decoration: underline;\">Continuing jobless claims came in at 1.867 million people<\/span><\/strong>, versus the adjusted number of 1.858 million people from the week prior, up 9,000 people week-over-week.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"448\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-16.png\" alt=\"\" class=\"wp-image-15582\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-16.png 778w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-16-300x173.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-16-768x442.png 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Stocks closed higher on Friday of last week and higher week over week<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The DOW closed higher, on Friday of last week up 36.86 points (0.09%), closing out the week at 43,275.91<\/span>,<\/strong> up 412.06 points week-over-week. <strong><span style=\"text-decoration: underline;\">The S&amp;P 500 closed higher on Friday of last week, up 23.2 points and closed out the week at 5,864.67<\/span>,<\/strong> up 49.64 points week-over-week. <strong><span style=\"text-decoration: underline;\">The NASDAQ closed higher on Friday of last week, up 115.94 points (0.63%) and closed out the week at 18,489.55,<\/span><\/strong> up 146.62 points week over week.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In overnight trading, DOW futures traded lower and are expected to open at 43,485 this morning down -33 points.<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Crude oil closed down on Friday of last week, and down week over week.<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">West Texas Intermediate (WTI) crude closed down -$1.45 per barrel (-2.05%) to close at $69.22 per barrel<\/span><\/strong> on Friday of last week, down -$6.34 per barrel week over week. <strong><span style=\"text-decoration: underline;\">Brent traded down -$1.39 USD per barrel (-1.87%) on Friday of last week, to close at $73.06 per barrel<\/span>,<\/strong> down -$5.98 per barrel week-over-week.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Increasing oil and gas supplies, which are expected to come on stream over the next few years, will keep a lid on prices and lessen energy security concerns for the remainder of the decade, International Energy Agency (IEA) executive director Fatih Birol said during the launch of the IEA\u2019s World Energy Outlook 2024 on Friday of last week.<\/span><\/strong><\/p>\n\n\n\n<p>But, there is still potential for geopolitical crises to drive volatility in markets, Birol added, with the Middle East the area of highest concern.<\/p>\n\n\n\n<p>\u201cWhat is clear is in the second half of the decade we are entering a new market context. The fundamentals of the oil and gas sector are easing,\u201d he said. \u201cWe are moving into a much more comfortable market context.\u201d<\/p>\n\n\n\n<p>The prospect of more ample or even surplus supplies of oil and natural gas, depending on how geopolitical tensions evolve, \u201cwould move us into a very different energy world from the one we have experienced in recent years during the global energy crisis,\u201d Birol added.<\/p>\n\n\n\n<p>\u201cIt implies downward pressure on prices, providing some relief for consumers that have been hit hard by price spikes.\u201d<\/p>\n\n\n\n<p>On the oil side, Birol said the IEA is forecasting significant new supply coming onstream from the Americas, including the U.S., Canada, Brazil, and Guyana.<\/p>\n\n\n\n<p>\u201cOn the demand side, last year we said we expected fossil fuel demand growth will come to an end by 2030. This year we are reconfirming that oil demand will peak before 2030. But we will still need oil for years to come. It doesn\u2019t mean it will decline immediately.\u201d<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The rise in electric vehicles will be the main driver in curtailing oil demand, particularly in China<\/span><\/strong>, said Birol. Globally, the IEA expects about 20 percent of global car sales will be some form of EV this year, with 50 percent of car sales in China being EVs.<\/p>\n\n\n\n<p>\u201cWe\u2019re seeing EVs penetrate the car market in all key markets,\u201d he said. \u201cBy 2030 we expect half of new car sales to be electric, resulting in substantial displacement of oil consumption compared to today.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left\"><a href=\"https:\/\/www.oneexchangecorp.com\/\"><strong>One Exchange WCS<\/strong><\/a><strong> <span style=\"text-decoration: underline;\">(Western Canadian Select) for December delivery settled Friday on last week at US$12.75 below the WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average). The implied value was US$ 56.78 per barrel.<\/span><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left\"><strong><span style=\"text-decoration: underline;\">U.S. commercial crude oil inventories <\/span><\/strong>(excluding those in the Strategic Petroleum Reserve) <strong><span style=\"text-decoration: underline;\">decreased by 2.2 million barrels<\/span><\/strong> week-over-week. At 420.5 million barrels, <strong><span style=\"text-decoration: underline;\">U.S. crude oil inventories are 5% below the five-year average for this time of year. <\/span><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"345\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-17.png\" alt=\"\" class=\"wp-image-15583\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-17.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-17-300x133.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-17-768x341.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Total motor gasoline inventories decreased by 2.2 million barrels<\/span><\/strong> week-over-week and are 4% below the five-year average for this time of year. EIA\u2019s estimate for overall gasoline demand fell sharply off, what many considered an overheated, hurricane-impacted number week over week with implied gasoline demand at 8.620 million barrels per day plunging 1.034 million b\/d, or 10.7%, week over week. The bottom line is that everyone filled up in the east got their fill plus some.\u00a0 We are not worried about the larger-than-normal draw in this week\u2019s numbers.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"779\" height=\"346\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-18.png\" alt=\"\" class=\"wp-image-15584\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-18.png 779w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-18-300x133.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-18-768x341.png 768w\" sizes=\"auto, (max-width: 779px) 100vw, 779px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Distillate fuel inventories decreased by 3.5 million barrels<\/span><\/strong> week-over-week and are 10% below the five-year average for this time of year.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"345\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-19.png\" alt=\"\" class=\"wp-image-15585\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-19.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-19-300x133.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-19-768x341.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Propane\/propylene inventories increased by 3.4 million barrels<\/span><\/strong> week-over-week and are 13% above the five-year average for this time of year.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"346\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-20.png\" alt=\"\" class=\"wp-image-15586\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-20.png 778w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-20-300x133.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-20-768x342.png 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Propane prices closed at 81 cents per gallon on Friday of last week, up 4 cents per gallon week-over-week<\/span><\/strong> and up 12 cents per gallon year-over-year.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"345\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-21.png\" alt=\"\" class=\"wp-image-15587\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-21.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-21-300x133.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-21-768x341.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Overall, total commercial petroleum inventories decreased by 7 million barrels<\/span> <\/strong>during the week ending October 11th, 2024.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil imports averaged 5.5 million barrels per day<\/span> <\/strong>during the week ending October 11th, 2024<strong>, <span style=\"text-decoration: underline;\">a decrease of 710,000 barrels per day<\/span><\/strong> week-over-week. Over the past four weeks, <strong><span style=\"text-decoration: underline;\">crude oil imports averaged 6.2 million barrels per day<\/span><\/strong>, 3.4% less than the same four-week period last year. <strong><span style=\"text-decoration: underline;\">Total motor gasoline imports<\/span><\/strong> (including both finished gasoline and gasoline blending components) <strong><span style=\"text-decoration: underline;\">averaged 526,000 barrels per day, and distillate fuel imports averaged 132,000 barrels per day<\/span> <\/strong>during the week ending October 11th, 2024.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"776\" height=\"342\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-22.png\" alt=\"\" class=\"wp-image-15588\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-22.png 776w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-22-300x132.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-22-768x338.png 768w\" sizes=\"auto, (max-width: 776px) 100vw, 776px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil exports averaged 4.123 million barrels per day<\/span><\/strong> during the week ending October 12th, 2024, an increase of 329,000 barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 3.923 million barrels per day.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"344\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-23.png\" alt=\"\" class=\"wp-image-15589\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-23.png 778w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-23-300x133.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-23-768x340.png 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>\n<\/div>\n\n\n<p>U<span style=\"text-decoration: underline;\"><strong>.S. crude oil refinery inputs averaged 15.8 million barrels per day<\/strong><\/span> during the week ending October 11, 2024, which was 165,000 barrels per day more week-over-week. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"341\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-24.png\" alt=\"\" class=\"wp-image-15590\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-24.png 778w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-24-300x131.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-24-768x337.png 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>\n<\/div>\n\n\n<p>WTI is poised to open at $70.34, up $1.12 per barrel from Friday\u2019s close.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"north-american-rail-traffic\"><strong><u>North American Rail Traffic<\/u><\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-center\"><strong>Week Ending October 16th, 2024.<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Total North American weekly rail volumes were up (1.44%) in week 42<\/span><\/strong>, compared with the same week last year. Total carloads for the week ending on October 16th were 346,381, down (-2.04%) compared with the same week in 2023, while weekly intermodal volume was 351,126, up (5.13%) compared to the same week in 2023. 6 of the AAR\u2019s 11 major traffic categories posted year-over-year decreases. The most significant decrease came from Motor Vehicles and Parts, which was down (-6.82%). The most significant increase came from Other which was up (+10.57%).<\/p>\n\n\n\n<p>In the East,<strong> <span style=\"text-decoration: underline;\">CSX\u2019s total volumes were down (-3.35%)<\/span>, <\/strong>with the largest decrease coming from Grain (-17.28%) while the largest increase came from Forest Products (+12.23%).<strong> <span style=\"text-decoration: underline;\">NS\u2019s volumes were up (0.35%)<\/span>, <\/strong>with the largest increase coming from Grain (+37.83%), while the largest decrease came from Petroleum and Petroleum Products (-12.67%).<\/p>\n\n\n\n<p>In the West, <strong><span style=\"text-decoration: underline;\">BN\u2019s total volumes were up (+7.68%)<\/span>, <\/strong>with the largest increase coming from Intermodal (+13.3%) while the largest decrease came from Forest Products, down (-9.73%).<strong> <span style=\"text-decoration: underline;\">UP\u2019s total rail volumes were up (+3.3%)<\/span> <\/strong>with the largest decrease coming from Coal, down (-17.68%), while the largest increase came from Other, which was up (+15.24%).<\/p>\n\n\n\n<p class=\"has-text-align-left\">In Canada,<strong> <span style=\"text-decoration: underline;\">CN\u2019s total rail volumes were down (-7.55%)<\/span> <\/strong>with the largest decrease coming from Coal, down (-26.52%) while the largest increase came from Other, up (+56.33%).<strong> <span style=\"text-decoration: underline;\">CP\u2019s total rail volumes were up (4.65%)<\/span> <\/strong>with the largest increase coming from Nonmetallic Minerals (+21.77%), while the largest decrease came from Petroleum and Petroleum Parts (-23.06%). <strong><span style=\"text-decoration: underline;\">KCS\u2019s total rail volumes were down (-6.75%)<\/span> <\/strong>with the largest decrease coming from Petroleum and Petroleum Products (-31.65%) and the largest increase coming from Farm Products (+29.84%).<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a id=\"_msocom_1\"><\/a><strong>Source Data: AAR &#8211; PFL Analytics<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"rig-count\"><strong><u>Rig Count<\/u><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">North American rig count was down by -7 rigs week-over-week. U.S. rig count was down by -1 rig week-over-week and down by -39 rigs year-over-year.<\/span><\/strong> The U.S. currently has 585 active rigs. <strong><span style=\"text-decoration: underline;\">Canada&#8217;s rig count was down -6 rigs week over week, but up by 19 rigs year-over-year<\/span><\/strong> and Canada&#8217;s overall rig count is 217 active rigs. Overall, year over year we are down by -20 rigs collectively.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\" id=\"north-american-rig-count-summary\"><u><strong>North American Rig Count Summary<\/strong><\/u><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"708\" height=\"122\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-25.png\" alt=\"\" class=\"wp-image-15596\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-25.png 708w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-25-300x52.png 300w\" sizes=\"auto, (max-width: 708px) 100vw, 708px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"367\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-26.png\" alt=\"\" class=\"wp-image-15597\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-26.png 778w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-26-300x142.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/10\/image-26-768x362.png 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><strong><u>A few things we are watching<\/u><\/strong>:<\/h3>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching industry conferences<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Folks, PFL was a proud sponsor and had a table and attended in full force this fall&#8217;s Tank Car Committee Meeting in Dallas last week<\/span>, <\/strong>which covered a wide range of topics focusing on enhancing the safety and reliability of tank cars used in rail transportation. Brian Baker, David Cohen, and Cyndi Popov were there to represent PFL.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The meeting addressed significant issues<\/span><\/strong> and set the stage for ongoing improvements in tank car safety and reliability.<\/p>\n\n\n\n<p><strong>Items of Interest:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>HM 127 Revision:<\/strong> HM 127<strong> <\/strong>which<strong> <\/strong>deals with guidelines for the transportation of hazardous materials by rail, and hasn\u2019t been revised since 2014, will have updated regulations and best practices by the end of the month. Implementation will take place over the next 3-5 years with immediate, short-term, and long-term phases.<\/li>\n\n\n\n<li><strong>DOT-111 Tank Cars: <\/strong>Citing ongoing safety concerns, the AAR is recommending voluntary upgrades to DOT-117 tank cars for better accident survivability.<\/li>\n\n\n\n<li><strong>Federal Railroad Administration (FRA) Audit:<\/strong> The FRA identified issues with tank car repair facilities, specifically the lack of approval from service equipment owners before repairs. There is a need for better coordination and compliance with FRA regulations.<\/li>\n<\/ol>\n\n\n\n<p><strong>Additional Items:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reviewed updates to Publication M-1002, including facility audits, welding qualifications, and non-destructive testing (NDT) procedures.<\/li>\n\n\n\n<li>Discussed improving the safety and reliability of tank cars, with specific points on fire performance, hinged and bolted manways, and the &#8220;stub sill 85% rule.&#8221;&nbsp;<\/li>\n\n\n\n<li>A new DOT 116 class for tank cars was proposed, aiming to enhance safety standards&nbsp;<\/li>\n\n\n\n<li>Addressed common causes of service disruptions and quality failures, particularly with hydrogen peroxide and multiple NARs (Notice of Release).<\/li>\n<\/ul>\n\n\n\n<p><strong>\u00a0<span style=\"text-decoration: underline;\">For more information on last week\u2019s Tank Car Committee Meeting, call PFL today.\u00a0The next conference\u00a0 PFL will be attending will be MARS in Chicago.<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching Petroleum Carloads<\/em><\/strong><\/h4>\n\n\n\n<p><span style=\"text-decoration: underline;\"><strong>The four-week rolling average of petroleum carloads carried on the six largest North American railroads rose to 28,680 from 28,523, which was a gain of 157 rail cars week-over-week.<\/strong>&nbsp; <strong>Canadian volumes were higher<\/strong><\/span><strong>.<\/strong> CPKC\u2019s shipments rose by 10.3% week over week, CN\u2019s volumes were higher by 1.2% week-over-week. <strong><span style=\"text-decoration: underline;\">U.S. shipments were mostly lower<\/span><\/strong>. The NS was the largest percentage decrease and was down 13.6%.&nbsp; The UP was a sole gainer and was up 4.3%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Natural Gas<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Natural gas prices have been struggling to rise above $3 per MMBtu in recent months due to several factors<\/span><\/strong> &#8211; warmer-than-expected weather across the U.S., lack of pipe, coupled with State and Federal regulations that punish the Natural Gas producer. For most of 2024, prices have hovered between $2.50-$3.00 per MMBtu, with natural gas closing at $2.258 per MMBtu on Friday of last week we are due to test new lows. Natural gas pricing is down by almost 1\/3 year over year!&nbsp; (see below)<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdx92fjeYpEUk8rcCDj2g_wP084Zj13d8LIPnHmZYdwyFbS-0sIk4TzxWGiO2dwegjaI-N1JZr7_UhAsMyHHHR6FsY6OT5JuXB5We0SfBEA6_Dbzry51XqNEN7YNU7XKc-ib6_qF53MwiP1wHfQbAlDfO8X?key=uue5ak4QmTblqcBu1UxhgQ\" width=\"774\" height=\"340\"><\/p>\n\n\n\n<p>The <strong><span style=\"text-decoration: underline;\">warmer temperatures have dampened demand for heating, typically expected to pick up as the winter season approaches, resulting in lower demand for natural gas.<\/span><\/strong> This has been exacerbated by high storage levels, currently 163 Bcf above the five-year average, which continues to apply downward pressure on prices\u200b.&nbsp;<\/p>\n\n\n\n<p>Natural gas prices are worse in Canada going negative for a few days!<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The bearish market sentiment has been supported by consistent storage injections<\/span><\/strong> and forecasts that suggest continued mild weather in the coming weeks. Even though production has remained steady, there are weak consumption patterns, especially in the residential and commercial sectors that are keeping prices suppressed. As a result, <strong><span style=\"text-decoration: underline;\">natural gas prices are likely to remain under pressure in the short term<\/span>,<\/strong> unless there is a significant uptick in demand driven by colder weather or other unexpected factors.<\/p>\n\n\n\n<p><span style=\"text-decoration: underline;\"><strong>Liquified Natural Gas (LNG) prices face ongoing pressure<\/strong> <\/span>as a new wave of export capacity is set to come online starting in 2026. The IEA projects global LNG production capacity will increase from the current 20,480 bcf per year to 30,000 bcf by 2030. However, demand may struggle to keep up with this oversupply, partly due to the growing shift toward renewable energy, which could drive natural gas prices significantly lower. The IEA also warns that if governments intensify their emission reduction efforts, some of the new LNG export projects may become unprofitable.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">We need to burn more natural gas for clean power generation.&nbsp; The more natural gas that we burn, the more LPG\u2019s we produce.&nbsp; Great for the environment, rail and the U.S. consumer.<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Key Economic Indicators<\/em><\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-center\"><strong>Industrial Capacity and Utilization<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In September 2024, U.S. industrial production saw a modest decline of 0.3%<\/span><\/strong>, following a 0.3% increase in August. This drop reflects ongoing fluctuations throughout the year. <strong><span style=\"text-decoration: underline;\">Manufacturing output<\/span>,<\/strong> which makes up a significant portion of total production, <strong><span style=\"text-decoration: underline;\">also declined by 0.5% in September<\/span><\/strong>, after a slight rise in August. This marks continued volatility across key sectors, such as automotive production, which faced a 1.8% decline due to supply chain disruptions.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Capacity utilization<\/span>,<\/strong> a measure of how fully firms are using their resources, <strong><span style=\"text-decoration: underline;\">decreased to 77.5%<\/span>,<\/strong> down from 77.8% in August. <strong><span style=\"text-decoration: underline;\">The capacity utilization rate for manufacturing fell slightly to 76.7%<\/span>, <\/strong>continuing its downward trend for the third consecutive month.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXegihf8ljGIcx8Mxyh2efUQYhBd13lWbCmFtDO6RoyETR-wye1Emy65NPPuVNEmVYCsv0Dsgqpx9Gp1hIqogFMdSM16x5bGZqXKCXGawI1nWlwB4rkxWpi1_jaYTcPbQY2LcdWVkRvv7USCO8qW3y8AYFw?key=uue5ak4QmTblqcBu1UxhgQ\" width=\"774\" height=\"401\"><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Lease Bids<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>100, 5200 Covered Hoppers needed off of UP or BN in Northwest for 6 months. Cars are needed for use in Pet Coke service. Roud Hatch, Bottom Outlet Doors<\/li>\n\n\n\n<li>10, 5250 Covered Hoppers needed off of UP or BN in the Midwest for up to 5 years. Cars are needed for use in Dry Edible Beans service.<\/li>\n\n\n\n<li>10, 2500CF Open Top Hoppers needed off of UP or BN in Texas for 5 years. Cars are needed for use in aggregate service. Need Rapid Discharge Doors<\/li>\n\n\n\n<li>25, 3230 PD Hoppers needed off of NS or CSX in Ohio for 5 years. Cars are needed for use in Flyash service.<\/li>\n\n\n\n<li>30, 4750-5200 Covered Hoppers needed off of BN or UP in Lake Charles, LA for 5 Years. Cars are needed for use in Pet Coke service.<\/li>\n\n\n\n<li>50, 28.3K DOT 111 Tanks needed off of Any Class 1 in any location for 3-7 Years. Cars are needed for use in Base Oils service.<\/li>\n\n\n\n<li>20, 25.5k CPC 1232 Tanks needed off of UP or BN in OK, TX for 3 Years. Cars are needed for use in Asphalt service.<\/li>\n\n\n\n<li>10, 30K 117R or 117J Tanks needed off of Any Class 1 in USA for 1 year. Cars are needed for use in Glycerin service.<\/li>\n\n\n\n<li>15-20, 29K 117R Tanks needed off of NS or CSX in Ohio for 6-12 Months. Cars are needed for use in Ply Oil service.<\/li>\n\n\n\n<li>30-50, 23.5K Any Type Tanks needed off of any class 1 in any location for 1-5 years. Cars are needed for use in Glycols service.<\/li>\n\n\n\n<li>50, 23.5-25.5 DOT111 Tanks needed off of Any Class 1 in USA for 5 years. Cars are needed for use in Asphalt service.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Sales Bids<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>100-150, 3400CF Covered Hoppers needed off of UP BN in Texas. Cars are needed for use in Cement service. Cement Gates needed.<\/li>\n\n\n\n<li>20, 17K DOT111 Tanks needed off of various class 1s in various locations. Cars are needed for use in corn syrup service.<\/li>\n\n\n\n<li>4, 25.5K DOT 111 Tanks needed off of any class 1 in Texas.<\/li>\n\n\n\n<li>10, 30K DOT 111 Tanks needed off of any class 1 in Texas. Cars are needed for use in UCO service.<\/li>\n\n\n\n<li>10, 5600CF PD Hoppers needed off of any class 1 in Texas.<\/li>\n\n\n\n<li>50, 4750CF Covered Hoppers needed off of any class 1 in Texas. Cars are needed for use in Grain service.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Lease Offers<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>50, 5400, Covered Hoppers located off of NS, IORY in MI. Cars were last used in bean meal. 1 year+<\/li>\n\n\n\n<li>90, 25.5K, DOT 111 Tanks located off of UP in Texas. Cars were last used in Fuel OIl. 2-3 Year Term<\/li>\n\n\n\n<li>50, 28.3K, 117R Tanks located off of All Class 1s in St. Louis. Cars are clean 1 Year Term<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Sales Offers<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>100-300, 3400, Covered Hoppers located off of various class 1s in multiple locations. Sand Cars<\/li>\n\n\n\n<li>150, 28.3K, DOT117J Tanks located off of various class 1s in multiple locations. Will take 90K<\/li>\n\n\n\n<li>300, 31.8K, CPC 1232 Tanks located off of BN in Texas.<\/li>\n\n\n\n<li>40, 33K, 340W Pressure Tanks located off of Multiple in All over.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong>Call PFL today to discuss your needs and our availability and market reach. Whether you are looking to lease cars, lease out cars, buy cars, or sell cars call PFL today at 239-390-2885<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<style>\r\n    #map {\r\n        height: 600px;\r\n        width: 100%;\r\n    }\r\n    #filterBar {\r\n        text-align: center;\r\n        margin: 20px 0;\r\n    }\r\n    table {\r\n        width: 100%;\r\n        border-collapse: collapse;\r\n        margin-top: 10px;\r\n        font-family: sans-serif;\r\n    }\r\n    th {\r\n        background-color: #020f52;\r\n        color: white;\r\n        padding: 8px;\r\n        border: 1px solid #ccc;\r\n        text-align: left;\r\n    }\r\n    td {\r\n        padding: 8px;\r\n        border: 1px solid #ccc;\r\n    }\r\n    tbody tr:nth-child(odd) {\r\n        background-color: #f9f9f9;\r\n    }\r\n    tbody tr:nth-child(even) {\r\n        background-color: #e8e8e8;\r\n    }\r\n    tr:nth-of-type(odd){background-color:#d7f6f7}\r\n    td{border:1px solid #ccc;padding:8px}\r\n#map{height:350px;max-width:100%}#dataTable,table{border-collapse:collapse;width:100%;height:400px;display:block;overflow:hidden;overflow-y:auto}th{background-color:#020f52;color:#fff;text-align:center;position:sticky;top:0},tr{border:1px solid #000}<\/style>\r\n<h3 align=\"center\">Live Railcar Markets<\/h3>\r\n            <style>.custom-table{width:100%;border-collapse:collapse}.custom-table td,.custom-table th{border:1px solid #ccc;padding:8px}body{margin:0;padding:0}.tab-container{display:flex}.tab{cursor:pointer;padding:10px;border:1px solid #ccc}.tab.active{background-color:#f0f0f0}.table-container{max-height:400px;overflow-y:auto}<\/style>\r\n                <div class=\"tab-container\">\r\n        <div class=\"tab active\" onclick='showTable(\"leaseOfferTable\", this)'>Lease Offers<\/div>\r\n        <div class=\"tab\" onclick='showTable(\"leaseBidsTable\", this)'>Lease Bids<\/div>\r\n        <div class=\"tab\" onclick='showTable(\"salesOffersTable\", this)'>Sales Offers<\/div>\r\n        <div class=\"tab\" onclick='showTable(\"salesBidsTable\", this)'>Sales Bids<\/div>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"leaseOfferTable\" class=\"custom-table\" style=\"display:table\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Capacity<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class<\/th><th>Prev. Use<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"leaseBidsTable\" class=\"custom-table\" style=\"display:none\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Size<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class1<\/th><th>Term<\/th><th>Commodity<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"salesOffersTable\" class=\"custom-table\" style=\"display:none\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Capacity<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class<\/th><th>Prev. Use<\/th><th>Clean<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"salesBidsTable\" class=\"custom-table\" style=\"display:none\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Capacity<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class1<\/th><th>Commodity<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n\r\n    <script>\r\n    function showTable(tableId, tabElement) {\r\n        const tables = document.querySelectorAll(\".custom-table\");\r\n        tables.forEach(table => table.style.display = \"none\");\r\n        document.getElementById(tableId).style.display = \"table\";\r\n        const tabs = document.querySelectorAll(\".tab\");\r\n        tabs.forEach(tab => tab.classList.remove(\"active\"));\r\n        tabElement.classList.add(\"active\");\r\n    }\r\n\r\n    function fetchData(url, tableId) {\r\n    fetch(url)\r\n        .then(response => response.json())\r\n        .then(data => {\r\n            const table = document.getElementById(tableId).getElementsByTagName('tbody')[0];\r\n            data.forEach(item => {\r\n                const row = table.insertRow();\r\n                Object.values(item).forEach(value => {\r\n                    const cell = row.insertCell();\r\n                    \/\/ Check if value is empty or null and set it to an empty string or custom string like '\u2014'\r\n                    cell.innerHTML = value ? value : '\u2014';  \/\/ Replace blank values with '\u2014' or leave as blank\r\n                });\r\n            });\r\n        })\r\n        .catch(error => console.error('Error fetching data:', error));\r\n}\r\n\r\n\r\n    \/\/ Fetch data for each section\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/lease_offer.php', 'leaseOfferTable');\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/lease_bids.php', 'leaseBidsTable');\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/sales_offer.php', 'salesOffersTable');\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/sales_bids.php', 'salesBidsTable');\r\n    <\/script>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\">PFL will be at the Following Conferences<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\">\r\n\t<img decoding=\"async\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/03\/Stampede-2026.jpg\" alt=\"Stampede\" class=\"wp-image-11405\"\/>\r\n<\/figure>\r\n<font color=\"black\">\r\n\t<ul>\r\n\t\t<li>Where: Calgary<\/li>\r\n\t\t<li>Attending: David Cohen (954-729-4774), Curtis Chandler(239-405-3365), Cyndi Popov (403-402-5043)   <\/li>\r\n\t<\/ul>\r\n<\/font>\r\n\r\n<figure class=\"wp-block-image size-full\">\r\n\t<img decoding=\"async\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/03\/Mars-Lake-Geneva-2026.jpg\" alt=\"swars\" class=\"wp-image-11405\"\/>\r\n<\/figure>\r\n<font color=\"black\">\r\n\t<ul>\r\n\t\t<li>Where: Grand Geneva Resor<\/li>\r\n\t\t<li>Attending: Brian Baker (239.297.4519) <\/li>\r\n\t\t<li><a href=\"https:\/\/www.mwrailshippers.com\/event\/2026-summer-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conference Website<\/a><\/li>\r\n\t<\/ul>\r\n<\/font>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cA pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.\u201d-Winston Churchill Jobs Update Stocks closed higher on Friday of last week and higher week over week The DOW closed higher, on Friday of last week up 36.86 points (0.09%), closing out the week at 43,275.91, up 412.06 points week-over-week. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-15580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-railcar-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Railcar Market Report for October 20, 2024<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-10-21-2024\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Curtis Chandler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/pfl-railcar-report-10-21-2024\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/pfl-railcar-report-10-21-2024\\\/\"},\"author\":{\"name\":\"Curtis Chandler\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#\\\/schema\\\/person\\\/b52cec883a82d94540b07fb1f9e49319\"},\"headline\":\"PFL Railcar Report 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