{"id":19108,"date":"2025-12-06T23:18:05","date_gmt":"2025-12-07T04:18:05","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=19108"},"modified":"2025-12-08T08:12:12","modified_gmt":"2025-12-08T13:12:12","slug":"pfl-railcar-report-12-8-2025","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-12-8-2025\/","title":{"rendered":"PFL Railcar Report 12-8-2025"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong><em>\u201cWhenever you do a thing, act as if all the world were watching.\u201d<\/em><\/strong> &#8211; <strong><em>Thomas Jefferson<\/em><\/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<p class=\"has-text-align-center\"><strong><span style=\"text-decoration: underline;\">Jobs Update<\/span><\/strong><\/p>\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 November 29, 2025 came in at 191,000<\/span><\/strong>, versus the adjusted number of 218,000 people from the week prior, down 27,000 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=\"745\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-1.png\" alt=\"\" class=\"wp-image-19110\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-1.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-1-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"text-decoration: underline;\"><strong>Continuing jobless claims came in at 1,939,000<\/strong>,<\/span> versus the adjusted number of 1,943,000 people from the week prior, down 4,000 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=\"745\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-4.png\" alt=\"\" class=\"wp-image-19113\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-4.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-4-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/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 104.05 points (0.22%), closing out the week at 47,954.99,<\/span> <\/strong>up 238.57 points week-over-week. <strong><span style=\"text-decoration: underline;\">The S&amp;P 500 closed higher on Friday of last week, up 13.28 points (0.19%), and closed out the week at 6,870.40,<\/span> <\/strong>up 21.31 points week-over-week. <strong><span style=\"text-decoration: underline;\">The NASDAQ closed higher on Friday of last week, up 72.99 points (0.31%), and closed out the week at 23,578.13,<\/span> <\/strong>up 212.44 points week-over-week.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In overnight trading, DOW futures traded higher and are expected to open at 48,015 this morning, up 14 points from Friday\u2019s close.<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Crude oil 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;\">West Texas Intermediate (WTI) crude closed up 41 cents per barrel (0.7%), to close at $60.08<\/span><\/strong> on Friday of last week, up $1.53 week-over-week. <strong><span style=\"text-decoration: underline;\">Brent crude closed up 49 cents per barrel<\/span><\/strong> (0.8%), to close at $63.75, up 55 cents week-over-week.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.oneexchangecorp.com\/\"><strong>One Exchange WCS<\/strong><\/a> <strong><span style=\"text-decoration: underline;\">(Western Canadian Select) for January delivery settled on Friday of last week at US$12.80 below the WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average)<\/span>. <\/strong>The implied value was US$46.43 per barrel.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">A recent market survey showed analysts and economists have lowered their price expectations for WTI crude to average $62.00 per barrel in 2026, down $10 per barrel from previous expectations.<\/span><\/strong> The IEA expects an oversupply of 4.2 million barrels per day next year, conservative estimates project a 500,000 barrels per day oversupply problem.<\/p>\n\n\n\n<p><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;\">increased by 600,000 barrels week-over-week.<\/span><\/strong> At 427.5 million barrels, U.S. crude oil inventories are 3% 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=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-5.png\" alt=\"\" class=\"wp-image-19114\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-5.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-5-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-5-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-left\"><strong><span style=\"text-decoration: underline;\">Total motor gasoline inventories increased by 4.5 million barrels<\/span><\/strong> week-over-week and are 2% 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=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-7.png\" alt=\"\" class=\"wp-image-19116\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-7.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-7-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-7-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Distillate fuel inventories increased by 2.1 million barrels<\/span><\/strong> week-over-week and are 7% 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=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-9.png\" alt=\"\" class=\"wp-image-19118\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-9.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-9-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-9-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><span style=\"text-decoration: underline;\"><strong>Propane\/propylene inventories decreased 700,000 barrels<\/strong> <\/span>week-over-week and are 15% 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=\"745\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-10.png\" alt=\"\" class=\"wp-image-19119\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-10.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-10-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Propane prices closed at 59.5 cents per gallon on Friday of last week, down 1 cent per gallon week-over-week<\/span><\/strong>, and down 23 cents year-over-year.<br><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-11.png\" alt=\"\" class=\"wp-image-19120\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-11.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-11-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-11-768x395.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 increased by 5.2 million barrels<\/span> <\/strong>week-over-week during the week ending November 28, 2025.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil imports averaged 6 million barrels per day<\/span> <\/strong>during the week ending November 28, 2025<strong>, <span style=\"text-decoration: underline;\">a decrease of 456,000 barrels per day from the previous week<\/span>.<\/strong> Over the past four weeks, <strong><span style=\"text-decoration: underline;\">crude oil imports averaged 5.9 million barrels per day<\/span><\/strong>, 14.4% 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 772,000 barrels per day, and distillate fuel imports averaged 190,000 barrels per day<\/span><\/strong> during the week ending November 28, 2025.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-13.png\" alt=\"\" class=\"wp-image-19122\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-13.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-13-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-13-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil exports averaged 3.613 million barrels per day during the week ending November 28, 2025<\/span>, <\/strong>an increase of 15,000 barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 3.546 million barrels per day.<br><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-15.png\" alt=\"\" class=\"wp-image-19124\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-15.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-15-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-15-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil refinery inputs averaged 16.9 million barrels per day<\/span><\/strong> during the week ending November 28, 2025, which was 433,000 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=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-17.png\" alt=\"\" class=\"wp-image-19126\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-17.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-17-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-17-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\"><strong><strong><span style=\"text-decoration: underline;\"><strong><strong><strong>WTI futures are poised to open at $59.28, up 73 cents from Friday\u2019s close.<\/strong><\/strong><\/strong><\/span><\/strong><\/strong><\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><span style=\"text-decoration: underline;\">North American Rail Traffic<\/span><\/strong><\/h4>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Week Ending December 3, 2025:<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Total North American weekly rail volumes were down (-3.09%) in week 49, compared with the same week last year.<\/span><\/strong> Total Carloads for the week ending December 3, 2025 were 293,572, up (+2.04%) compared with the same week in 2024, while weekly Intermodal volume was 290,203, down (-7.78%) year over year. 6 of the AAR\u2019s 11 major traffic categories posted year-over-year decreases. The largest decrease came from Forest Products (-22.88%), while the largest increase was Coal (+26.98%).<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the East, CSX\u2019s total volumes were up (+1.43%)<\/span>,<\/strong> with the largest decrease coming from Forest Products (-13.92%), while the largest increase came from Coal (+26.68%). <strong><span style=\"text-decoration: underline;\">NS\u2019s total volumes were down (-1.58%)<\/span>,<\/strong> with the largest increase coming from Petroleum &amp; Petroleum Products (+35.28%), while the largest decrease came from Other (-14.93%).<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the West, BNSF\u2019s total volumes were down (-5.52%)<\/span>,<\/strong> with the largest increase coming from Grain (+35.90%), while the largest decrease came from Metallic Ores and Metals (-21.22%). <strong><span style=\"text-decoration: underline;\">UP\u2019s total volumes were down (-2.19%)<\/span>,<\/strong> with the largest increase coming from Coal (+48.75%), while the largest decrease came from Petroleum &amp; Petroleum Products (-16.97%).<\/p>\n\n\n\n<p class=\"has-text-align-left\"><span style=\"text-decoration: underline;\"><strong>In Canada<\/strong>, <strong>CN\u2019s total volumes were down (-0.29%)<\/strong><\/span><strong>,<\/strong> with the largest increase coming from Other (+74.85%), while the largest decrease came from Metallic Ores and Metals (-16.83%). <strong><span style=\"text-decoration: underline;\">CPKCS\u2019s total volumes were down (-20.25%),<\/span><\/strong> with the largest increase coming from Coal (+19.46%), while the largest decrease came from Forest Products (-69.47%).<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Source Data: AAR &#8211; PFL Analytics<\/strong><\/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\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 up by +8 rigs week-over-week. The U.S. rig count was up by +5 rigs week-over-week, but down by -40 rigs year-over-year<\/span>.<\/strong> The U.S. currently has 549 active rigs. <strong><span style=\"text-decoration: underline;\">Canada&#8217;s rig count was up by +3 rigs week-over-week but down by -3 rigs year-over-year<\/span>.<\/strong> Canada currently has 191 active rigs. Overall, year-over-year we are down by -43 rigs collectively.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"224\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-19.png\" alt=\"\" class=\"wp-image-19142\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-19.png 778w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-19-300x86.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-19-768x221.png 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>\n<\/div>\n\n\n<br>\n<center><figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-20.png\" alt=\"\" class=\"wp-image-18963\" alt=\"\" style=\"border: 1px solid #555;\" class=\"wp-image-18202\"\/><\/figure><\/center>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>We are watching a few things out there for you:<\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>We are watching Petroleum Carloads<\/em><\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The four-week rolling average of petroleum carloads carried on the six largest North American railroads fell to 30,062 from 30,150<\/span><\/strong>, which was a decrease of -85 rail cars week-over-week. <strong><span style=\"text-decoration: underline;\">Canadian volumes were lower.<\/span><\/strong> CPKC\u2019s shipments were lower by -15.0% week over week, CN\u2019s volumes were lower by -5.0% week-over-week. <strong><span style=\"text-decoration: underline;\">U.S. shipments were mostly lower<\/span><\/strong>. The NS was the sole gainer and was up by 3%.&nbsp; THe UP had the largest percentage loss and was down by -15.0%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching Canada&#8217;s Hardisty Terminal and DRU.<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The market shifted decisively in favor of crude-by-rail last week with three big players coming to the table \u2013 ConocoPhillips, Gibson and Strathcona.<\/span><\/strong><\/p>\n\n\n\n<p><span style=\"text-decoration: underline;\"><strong>The Gibson-ConocoPhillips DRU-bit network at Hardisty is primed to capture significant volumes.<\/strong> <\/span>Gibson Energy CEO Curtis Philippon announced plans to expand the Hardisty DRU in one to two phases over the next five years, each adding 50,000 barrels per day of capacity for roughly $200 million, that&#8217;s&nbsp; 100,000 barrels per day in total!<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>DRU Facility<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"430\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-22.png\" alt=\"\" class=\"wp-image-19151\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-22.png 975w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-22-300x132.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-22-768x339.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><strong>Source: Gibson Energy Inc.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left\"><strong><span style=\"text-decoration: underline;\">Western Canadian Select (WCS) differentials continued to trend higher last wee<\/span>k.<\/strong> <a href=\"https:\/\/www.oneexchangecorp.com\/\">&nbsp;One Exchange WCS<\/a> (Western Canadian Select) for January delivery settled on Friday of last week at US$12.80 below the WTI-CMA (West Texas Intermediate &#8211; Calendar Month Average) &#8211; <strong><span style=\"text-decoration: underline;\">the widest spread since March.<\/span> <\/strong>With <strong><span style=\"text-decoration: underline;\">Trans Mountain running at 87%<\/span><\/strong> utilization and <strong><span style=\"text-decoration: underline;\">Enbridge continuing to cut<\/span><\/strong> their allocations, expect this trend to continue in the short term as Alberta production continues to increase.&nbsp; On the flip side there seems to be a large number of debottlenecking projects going on right now so time will tell once the dust settles.&nbsp; The larger the differential the better it is for crude by rail, particularly as it relates to raw bitumen.<\/p>\n\n\n\n<p class=\"has-text-align-left\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"639\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-24-1024x639.png\" alt=\"\" class=\"wp-image-19153\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-24-1024x639.png 1024w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-24-300x187.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-24-768x480.png 768w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-24.png 1318w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-left\"><span style=\"text-decoration: underline;\"><strong>The DRU\u2019s core value is elegantly simple: it strips ~30% diluent from raw bitumen, creating DRUbit<\/strong> <\/span>&#8211; a non-hazmat, non-flammable, refinery-ready product that ships safely by rail and eliminates the need for condensate movements to the U.S. Gulf Coast.<\/p>\n\n\n\n<p class=\"has-text-align-left\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"532\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-26.png\" alt=\"\" class=\"wp-image-19155\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-26.png 975w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-26-300x164.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-26-768x419.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-left\"><strong><span style=\"text-decoration: underline;\">This process transforms the economics of heavy oil transport<\/span>: <\/strong>Because DRUbit is non-hazardous (unlike Class 3 flammable dilbit), it bypasses the strict hazardous materials regulations that constrain conventional crude-by-rail, lowering insurance costs and community risk.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Economic Netback<\/span><\/strong>: Producers avoid paying pipeline tolls on the 30% diluent volume that refiners don&#8217;t value.&nbsp; In addition, lower transportation costs are charged by the class 1 railroads because of its nonhazardous designation.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Carbon Footprint<\/span>:<\/strong> The process reduces CO2e emissions by ~30% compared to dilbit-by-pipe.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Strathcona Resources has doubled down on this model, having acquired the Hardisty Rail<\/span><\/strong> Terminal (HRT) in May 2025 for $45 million. As the only rail terminal at Hardisty with 262,000 bpd of capacity (currently just 19% utilized), it provides Strathcona a &#8220;natural hedge&#8221; against pipeline bottlenecks. Combined with their Hamlin terminal, <strong><span style=\"text-decoration: underline;\">Strathcona now controls terminals servicing 80% of Western Canada&#8217;s crude-by-rail capacity.<\/span><\/strong> With ConocoPhillips anchoring the first 50,000 bpd phase and Strathcona pivoting to become a &#8220;pure-play heavy oil&#8221; producer, <strong><span style=\"text-decoration: underline;\">this rail corridor is no longer a swing option &#8211; it is a core, scalable egress strategy for the 2030s.<\/span><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Hardisty to Port Authur<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"401\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-27.png\" alt=\"\" class=\"wp-image-19156\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-27.png 780w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-27-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-27-768x395.png 768w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><strong>Source: Gibson Energy Inc.<\/strong><\/p>\n\n\n\n<p>Other refiners throughout the United States are set up to take DRUbit or raw bitumen and is a preferred heavy grade for all the reasons mentioned above.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching left-wing Carney<\/em><\/strong><\/h4>\n\n\n\n<p><span style=\"text-decoration: underline;\"><strong>As touched on in last week&#8217;s rail report, Prime Minister Mark Carney signed a memorandum of understanding with Alberta Premier Danielle Smith that marks a seismic shift in federal energy policy<\/strong>. <\/span>The federal government will scrap its sector-wide emissions cap\u2014a move that immediately removes the biggest regulatory headwind to oil production growth. In exchange, Alberta will commit to a 75% methane reduction by 2035, industrial carbon pricing that escalates to C$130 per ton by 2026, and participation in the Pathways Alliance carbon capture and storage project.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Ottawa now says it will designate a 1 million barrel per day pipeline to Asian markets<\/span> <\/strong>as a &#8220;project of national interest,&#8221; fast-tracking approvals and signaling that oil production and export are now compatible with federal economic and national security priorities. Canada boasts the fourth-largest proven oil reserves in the world and is the fourth-largest producer &#8211; exceeding Iran, Iraq, and other OPEC members.\u00a0 <strong><span style=\"text-decoration: underline;\">Canadians view current production levels compared to what is actually being produced under a decade of liberal policies as a &#8220;national shame.&#8221;<\/span> <\/strong>Carney seems to be trying to flip that narrative saying oil is now an &#8220;asset of national security&#8221; and a foundation of economic resilience against U.S. tariff pressure. For rail operators, this removes policy uncertainty, could validate long-term infrastructure investment, and creates certainty that crude egress bottlenecks will be addressed via a mix of pipe and rail, not pipe alone.\u200b<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching Trans Mountain Pipeline<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The Carney government announced it will not privatize Trans Mountain until completion of &#8220;optimization&#8221; projects designed to boost capacity from 890,000 bbl\/d to 1.25 million bbl\/d by mid-2027<\/span><\/strong>.&nbsp;TMX is already at effective capacity despite being only 13 months old. With pipeline utilization at 87% in Q3 and all December nominations accepted, further production growth has nowhere to go except rail.<\/p>\n\n\n\n<p>TD Cowen estimates that without additional pipe or rail, crude price differentials could blow out again by Q3 2028 once spare capacity is exhausted. Strathcona&#8217;s rail terminal bet and Gibson&#8217;s DRU expansion directly address this coming crunch. The multi-year regulatory timeline required for new pipeline projects\u2014TMX took 12 years\u2014means that rail&#8217;s shorter development cycle (24 months per DRU phase) becomes the safety valve for producers facing stranded barrels if they don&#8217;t secure egress commitments now.\u200b<strong>&nbsp;<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching BNSF<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">BNSF formally petitioned the Surface Transportation Board last week to scrutinize the pending $85 billion UP-Norfolk Southern merger<\/span><\/strong>, alleging that UP has engaged in &#8220;a pattern of obstructive conduct&#8221; meant to deny competitors (including BNSF) access to customers through &#8220;delay and deny strategies.&#8221; BNSF cited UP&#8217;s 1996 merger with Southern Pacific as a cautionary tale: the resulting service meltdown forced the STB to rewrite merger rules entirely.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The filing signals that BNSF will fight the merger as a condition of approval<\/span>, <\/strong>likely demanding trackage rights, interchange concessions, or divestitures. Port operators, state attorneys general, and railcar shippers have also weighed in against the deal. While <strong><span style=\"text-decoration: underline;\">UP CEO Jim Vena insists the merger will be approved and notes there is only &#8220;a few hundred miles&#8221; of network overlap<\/span>,<\/strong> the regulatory hurdles are now substantial. For rail car operators and shippers, a contested merger could force divestitures, competitive concessions, and operational improvements\u2014potentially fragmenting service routes or requiring alternative routing, which may dampen utilization on certain corridors. <strong><span style=\"text-decoration: underline;\">The STB filing deadline is mid-December.\u200b<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching the CPKC<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Canadian Pacific Kansas City reported a surge in southbound shipments to Mexico last week, with Canada-bound LPG, refined products, and plastics shipments doubling in 2025<\/span> <\/strong>(up $460 million in annual revenue). Tariff-driven fears of US supply disruption are pushing shippers to diversify into Canadian and Mexican suppliers, and CPKC is the only Class I rail network offering seamless single-line access to all three markets.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">CEO Keith Creel emphasized that the UP-NS merger poses no competitive threat to CPKC<\/span><\/strong>, as the merged entity will be oriented east-west (US coasts), while CPKC dominates north-south flows. This north-south corridor is becoming a strategic asset as the Trump administration&#8217;s tariff policies drive supply chain re-routing. For crude-by-rail, it validates the strategic importance of rail networks that can reach markets beyond the traditional US Gulf Coast refining complex.\u200b<\/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>Purchasing Managers Index (PMI)&nbsp;<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The Institute for Supply Management releases two PMI reports<\/span> \u2013 <\/strong>one covering manufacturing and the other covering services. These reports are based on surveys of supply managers across the country and track changes in business activity. A reading above 50% on the index indicates expansion, while a reading below 50% signifies contraction, with a faster pace of change the farther the reading is from 50.<\/p>\n\n\n\n<p class=\"has-text-align-left\"><strong><span style=\"text-decoration: underline;\">The Manufacturing PMI in November was 48.2%, down from 48.7% in October<\/span>. <\/strong>This<strong> <span style=\"text-decoration: underline;\">remains in contraction<\/span> <\/strong>territory, marking the ninth straight month below 50%. <strong><span style=\"text-decoration: underline;\">On the Services PMI side, the most recent reading is 52.6%<\/span> <\/strong>(November), up from 52.4% in October, <strong><span style=\"text-decoration: underline;\">signaling continued expansion<\/span> <\/strong>in the services sector.<\/p>\n\n\n\n<p class=\"has-text-align-left\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"831\" height=\"457\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-28.png\" alt=\"\" class=\"wp-image-19157\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-28.png 831w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-28-300x165.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2025\/12\/image-28-768x422.png 768w\" sizes=\"auto, (max-width: 831px) 100vw, 831px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-left\"><\/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<p>\u2022 30-50, 6000cf Steel Hopper located off of CSX or NS in East. For use in petcoke service. Period: 5 Years.<br>\u2022 10, 2500CF Open Top Hopper located off of UP or BN in Texas. For use in aggregate service. Period: 5 years. Need Rapid Discharge Doors.<br>\u2022 50, 23.5-25.5 DOT111 Tank located off of Any Class 1 in USA. For use in Asphalt service. Period: 5 years.<br>\u2022 100, 21.9K 117J Tank located off of All Class 1s in Midwest. For use in CO2 service. Period: 6 months.<br>\u2022 30-50, 30K 117J Tank located off of NS or CSX in Northeast. For use in C5 service. Period: 1 year.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Sales Bids<\/strong><\/h4>\n\n\n\n<p>\u2022 28, 3400CF Hopper Covered located off of UP BN in Texas. For use in Cement service.Cement Gates needed..<br>\u2022 20, 17K Tank DOT111 located off of various class 1s in various locations. For use in corn syrup service.<br>\u2022 120, Various Gondola Open-Top Aluminum Rotary located off of various class 1s in various locations. For use in Sulphur service.Built 2004 or later.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Lease Offers<\/strong><\/h4>\n\n\n\n<p>\u2022 100, 30K CPC1232 Tanks located off of UP or BN in Texas. Last used in Diesel.<br>\u2022 100, 30K DOT117J Tanks located off of UP or BN in Texas. Last used in Gasoline.<br>\u2022 100, 29K DOT117J Tanks located off of UP or BN in Texas. Last used in Gasoline. Coiled and Insulated.<br>\u2022 36, 6351 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/27.<br>\u2022 29, 6580 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/26.<br>\u2022 18, 6580 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/27.<br>\u2022 9, 5400 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/27.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Sales Offers<\/strong><\/h4>\n\n\n\n<p>\u2022 21, 50&#8242; Boxcar Plate Cs located off of various class 1s in NM. End of Life.<br>\u2022 3, 50&#8242; Boxcar Plate Cs located off of various class 1s in multiple locations. End of Life.<br>\u2022 27, 50&#8242; Boxcar Plate Cs located off of various class 1s in PQ. End of Life.<br>\u2022 100, 3250 Covered Hoppers located off of various class 1s in multiple locations. Sand Cars.<br>\u2022 5, 2740 Mill Gondolas located off of various class 1s in NC. End of Life.<br>\u2022 1, 2260 Mill Gondolas located off of various class 1s in AL. End of Life.<br>\u2022 30, 2740 Mill Gondolas located off of various class 1s in multiple locations. End of Life.<br>\u2022 21, 2740 Mill Gondolas located off of various class 1s in WA. End of Life.<br>\u2022 9, 4750 Covered Hoppers located off of various class 1s in multiple locations. End of Life.<br>\u2022 5, 4750 Covered Hoppers located off of various class 1s in multiple locations. End of Life.<br>\u2022 50, 31.8K Tank CPC 1232s located off of UP or BN in TX. Requal Due in 2025.<br>\u2022 100, 4600CF Open Top Hoppers located off of BN or CSX in Southeast. <\/p>\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>\u201cWhenever you do a thing, act as if all the world were watching.\u201d &#8211; Thomas Jefferson 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 104.05 points (0.22%), closing out the week at 47,954.99, up 238.57 points week-over-week. The S&amp;P 500 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-19108","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 December 6, 2025<\/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-12-8-2025\/\" \/>\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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