{"id":16102,"date":"2024-12-16T18:07:07","date_gmt":"2024-12-16T23:07:07","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=16102"},"modified":"2024-12-16T18:07:08","modified_gmt":"2024-12-16T23:07:08","slug":"petroleum-daily-report-12-16-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-12-16-2024\/","title":{"rendered":"Petroleum Daily Report 12-16-2024"},"content":{"rendered":"\n<p>Oil futures slipped on Monday, retreating from multi-week highs due to weaker-than-expected consumer spending in China and investor caution ahead of the U.S. Federal Reserve&#8217;s interest rate decision. Brent crude fell 58 cents (0.8%) to settle at $73.91 a barrel, while U.S. West Texas Intermediate (WTI) dropped 58 cents (0.8%) to $70.71. Both benchmarks had closed at their highest levels since November on Friday.<\/p>\n\n\n\n<p>The decline followed last week\u2019s gains, driven by expectations of tighter supply from sanctions on Russia and Iran and optimism about potential interest rate cuts. However, concerns about China\u2019s sluggish retail sales and fragile economy dampened sentiment, despite stimulus measures. Analysts noted traders were taking profits after last week\u2019s 6% price surge, with many funds closing positions ahead of the holiday season.<\/p>\n\n\n\n<p>Adding pressure, the U.S. dollar strengthened to a three-week high, while traders awaited U.S. oil inventory reports. Preliminary estimates suggest crude inventories fell by 1.9 million barrels last week, with gasoline stocks likely rising. Investors are also closely watching the Fed\u2019s meeting, where a rate cut could boost economic growth and oil demand.<\/p>\n\n\n\n<h3 align=\"center\"><a href=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2024\/12\/Petroleum_Daily12162024.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_Daily12162024.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 futures slipped on Monday, retreating from multi-week highs due to weaker-than-expected consumer spending in China and investor caution ahead of the U.S. Federal Reserve&#8217;s interest rate decision. Brent crude fell 58 cents (0.8%) to settle at $73.91 a barrel, while U.S. West Texas Intermediate (WTI) dropped 58 cents (0.8%) to $70.71. Both benchmarks had [&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-16102","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 16, 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-12-16-2024\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"guida\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta 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