{"id":15990,"date":"2024-12-02T19:20:34","date_gmt":"2024-12-03T00:20:34","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=15990"},"modified":"2024-12-02T19:20:35","modified_gmt":"2024-12-03T00:20:35","slug":"petroleum-daily-report-12-2-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-12-2-2024\/","title":{"rendered":"Petroleum Daily Report 12-2-2024"},"content":{"rendered":"\n<p>Oil prices were little changed on Monday as optimism over stronger Chinese demand offset concerns about the U.S. Federal Reserve&#8217;s hesitancy to cut interest rates in December. Brent crude dipped 1 cent to $71.83 per barrel, while U.S. WTI rose 10 cents (0.15%) to $68.10.<\/p>\n\n\n\n<p>China&#8217;s factory activity expanded at its fastest pace in five months, boosting optimism about increased demand. However, tensions in the Middle East weighed on the market. Despite ongoing ceasefire violations between Israel and Hezbollah, the Pentagon maintained that the ceasefire was holding. Traders also monitored developments in Syria for potential spillover effects on the region&#8217;s oil supply.<\/p>\n\n\n\n<p>Both Brent and WTI benchmarks fell over 3% last week due to easing supply concerns from the Israel-Hezbollah conflict and forecasts of surplus in 2025, despite anticipated continued OPEC+ output cuts. OPEC+ postponed its next meeting to December 5, where it will likely discuss delaying a planned output hike scheduled for January. Analysts suggest that an indefinite delay could help stabilize prices.<\/p>\n\n\n\n<p>Pressure on oil prices also came from concerns about U.S. interest rate policy and a stronger dollar, which gained after President Trump threatened 100% tariffs on BRICS nations to discourage the creation of alternative currencies. A stronger dollar makes oil more expensive for investors using other currencies, reducing demand.<\/p>\n\n\n\n<h3 align=\"center\"><a href=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/12\/Petroleum_Daily1222024.pdf\" download>On Mobile? Click here to download the PDF<\/a><\/h3>\n\n\n\n<embed src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/12\/Petroleum_Daily1222024.pdf\" type=\"application\/pdf\" width=\"100%\" height=\"960\" title=\"Crude Oil Report\" alt=\"\">\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>Oil prices were little changed on Monday as optimism over stronger Chinese demand offset concerns about the U.S. Federal Reserve&#8217;s hesitancy to cut interest rates in December. Brent crude dipped 1 cent to $71.83 per barrel, while U.S. WTI rose 10 cents (0.15%) to $68.10. China&#8217;s factory activity expanded at its fastest pace in five [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15346,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-15990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Petroleum Markets Report for December 2, 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\/petroleum-daily-report-12-2-2024\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"guida\" \/>\n\t<meta name=\"twitter:label2\" 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