{"id":19354,"date":"2026-01-04T18:23:13","date_gmt":"2026-01-04T23:23:13","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=19354"},"modified":"2026-01-05T08:03:20","modified_gmt":"2026-01-05T13:03:20","slug":"pfl-railcar-report-1-5-2026","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-1-5-2026\/","title":{"rendered":"PFL Railcar Report 1-5-2026"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong><strong><strong><em><strong><em>\u201cPrepare for the unknown by studying how others in the past have coped with the unforeseeable and the unpredictable.\u201d-George S. Patton<\/em><\/strong><\/em><\/strong><\/strong><\/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><span style=\"text-decoration: underline;\"><strong>Initial jobless claims seasonally adjusted for the week ending December 27, 2025 came in at 199,000<\/strong>,<\/span> versus the adjusted number of 215,000 people from the week prior, down 16,000 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\/2026\/01\/image.png\" alt=\"\" class=\"wp-image-19355\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/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 1,866,000<\/span><\/strong>, versus the adjusted number of 1,913,000 people from the week prior, down 47,000 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\/2026\/01\/image-1.png\" alt=\"\" class=\"wp-image-19356\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-1.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-1-300x161.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 mixed on Friday of last week, but lower 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 319.10 points (0.66%), closing out the week at 48,382.39<\/span>, <\/strong>down -328.58 points week-over-week. <strong><span style=\"text-decoration: underline;\">The S&amp;P 500 closed higher on Friday of last week, up 12.97 points (0.19%), and closed out the week at 6,858.47,<\/span> <\/strong>down -71.47 points week-over-week. <strong><span style=\"text-decoration: underline;\">The NASDAQ closed lower on Friday of last week, down -6.36 points (-0.03%), and closed out the week at 23,235.63,<\/span> <\/strong>down -357.47 points week-over-week.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\"><strong>In overnight trading, DOW futures traded higher and are expected to open at 48,641 this morning, up 25 points from Friday\u2019s close.<\/strong><\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Crude oil closed lower on Friday of last week, but higher week-over-week<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">West Texas Intermediate (WTI) crude closed down -0.10 per barrel, to close at $57.32<\/span> <\/strong>on Friday of last week, but up $0.58 week-over-week. <strong><span style=\"text-decoration: underline;\">Brent crude closed down -0.10 per barrel<\/span><\/strong>, to close at $60.75, but up $0.11 week-over-week.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.oneexchangecorp.com\/\"><strong>One Exchange WCS<\/strong><\/a> <span style=\"text-decoration: underline;\"><strong>(Western Canadian Select) for February delivery settled on Friday of last week at US$13.10&nbsp; below the WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average)<\/strong>.<\/span> The implied value was US$44.22 per barrel.<\/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;\">decreased by 1.9 million barrels<\/span><\/strong> week-over-week. At 422.9 million barrels, <strong><span style=\"text-decoration: underline;\">U.S. crude oil inventories are 3% 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=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-2.png\" alt=\"\" class=\"wp-image-19357\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-2.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-2-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-2-768x395.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 5.8 million barrels<\/span><\/strong> week-over-week and are 2% 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=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-3.png\" alt=\"\" class=\"wp-image-19358\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-3.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-3-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-3-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Distillate fuel inventories increased by 5 million barrels<\/span><\/strong> week-over-week and are 4% 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\/2026\/01\/image-4.png\" alt=\"\" class=\"wp-image-19359\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-4.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-4-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-4-768x395.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 800,000 thousand barrels<\/span><\/strong> week-over-week and are 27% 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=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-5.png\" alt=\"\" class=\"wp-image-19360\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-5.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-5-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-5-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><span style=\"text-decoration: underline;\"><strong>Propane prices closed at 62.4 cents per gallon on Friday of last week, up 1.2 cents per gallon week-over-week<\/strong>,<\/span> but down 14.2 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\/2026\/01\/image-6.png\" alt=\"\" class=\"wp-image-19361\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-6.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-6-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-6-768x395.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 10.2 million barrels<\/span><\/strong> week-over-week, during the week ending December 26, 2025.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil imports averaged 5 million barrels per day<\/span> <\/strong>during the week ending December 26, 2025<strong>, <span style=\"text-decoration: underline;\">a decrease of 1.1 million barrels per day<\/span><\/strong> week-over-week. Over the past four weeks, <strong><span style=\"text-decoration: underline;\">crude oil imports averaged 6 million barrels per day<\/span><\/strong>, 7.2% 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 525,000 barrels per day, and distillate fuel imports averaged 283,000 barrels per day<\/span><\/strong> during the week ending December 26, 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\/2026\/01\/image-7.png\" alt=\"\" class=\"wp-image-19362\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-7.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-7-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-7-768x395.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 3.44 million barrels per day during the week ending December 26, 2025<\/span><\/strong>, a decrease of 176,000 barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 3.932 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\/2026\/01\/image-8.png\" alt=\"\" class=\"wp-image-19363\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-8.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-8-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-8-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\"><strong>U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending December 26, 2025, which was 71,000 barrels per day more week-over-week.<\/strong><\/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=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-9.png\" alt=\"\" class=\"wp-image-19364\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-9.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-9-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-9-768x395.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 $57.59, up $0.27 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 24, 2025:<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Total North American weekly rail volumes were down (-6.27%) in week 52, compared with the same week last year<\/span>.<\/strong> Total Carloads for the week ending December 24, 2025 were 309,912, down (-6.38%) compared with the same week in 2024, while weekly Intermodal volume was 337,363, down (-6.17%) year over year. 9 of the AAR\u2019s 11 major traffic categories posted year-over-year decreases. The largest decrease came from Forest Products (-19.81%), while the largest increase was Other (+1.15%).<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the East, CSX\u2019s total volumes were down (-3.40%),<\/span><\/strong> with the largest decrease coming from Grain (-22.14%), while the largest increase came from Other (+9.16%). <strong><span style=\"text-decoration: underline;\">NS\u2019s total volumes were down (-5.34%)<\/span>,<\/strong> with the largest increase coming from Petroleum &amp; Petroleum Products (+5.68%), while the largest decrease came from Nonmetallic Minerals (-15.32%).<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the West, BNSF\u2019s total volumes were down (-3.39%)<\/span>,<\/strong> with the largest increase coming from Coal (+61.83%), while the largest decrease came from Chemicals (-21.19%). <strong><span style=\"text-decoration: underline;\">UP\u2019s total volumes were down (-8.01%)<\/span>,<\/strong> with the largest increase coming from Grain (+9.26%), while the largest decrease came from Coal (-36.06%).<\/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 (-4.90%)<\/strong><\/span><strong>,<\/strong> with the largest increase coming from Other (+73.46%), while the largest decrease came from Intermodal Units (-15.57%). <strong><span style=\"text-decoration: underline;\">CPKCS\u2019s total volumes were down (-26.43%)<\/span>,<\/strong> with the largest increase coming from Coal (+17.73%), while the largest decrease came from Forest Products (-66.75%).<\/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 down by -16 rigs week-over-week. The U.S. rig count was up by +1 rig week-over-week, and down by -43 rigs year-over-year<\/span>.<\/strong> The U.S. currently has 546 active rigs. <strong><span style=\"text-decoration: underline;\">Canada&#8217;s rig count was down by -17 rigs week-over-week but up by +7 rigs year-over-year.<\/span><\/strong> Canada currently has 101 active rigs. Overall, year-over-year we are down by -36 rigs collectively.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"242\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-11.png\" alt=\"\" class=\"wp-image-19366\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-11.png 752w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-11-300x97.png 300w\" sizes=\"auto, (max-width: 752px) 100vw, 752px\" \/><\/figure>\n<\/div>\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\/2026\/01\/image-10.png\" alt=\"\" class=\"wp-image-19365\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-10.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-10-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-10-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\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 Venezuela<\/em><\/strong><\/p>\n\n\n\n<p>In a stunning overnight operation that shocked global markets and reshaped the Western Hemisphere&#8217;s political landscape, U.S. <span style=\"text-decoration: underline;\"><strong>Special Forces conducted an incursion into Venezuela early Saturday morning, January 3, capturing President Nicol\u00e1s Maduro and his wife Cilia Flores at their residence<\/strong><\/span> within Fort Tiuna military installation in Caracas and flying them out of the country to face narco-terrorism charges in New York federal court.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">President Trump announced the capture on social media around 4:30 a.m. ET<\/span><\/strong> Saturday, declaring that U.S. forces had successfully extracted Maduro after what he characterized as an extraordinary display of military precision. Speaking to Fox News later Saturday, <strong><span style=\"text-decoration: underline;\">Trump said he had watched the operation in real time and stated he had &#8220;never seen anything like it,&#8221;<\/span><\/strong> describing how U.S. commandos breached reinforced steel doors at the Fort Tiuna compound &#8220;in a matter of seconds.&#8221; <strong><span style=\"text-decoration: underline;\">The operation involved at least seven major airstrikes across Caracas and surrounding regions, with low-flying aircraft visible to residents around 2 a.m. local time.<\/span><\/strong> Trump confirmed that some U.S. forces sustained injuries, but reported no deaths.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">For tank car operators and North American crude markets, the long-term market implications could be substantial. Venezuela holds the world&#8217;s largest proven crude oil reserves,<\/span><\/strong> but has seen production and exports collapse under Maduro&#8217;s mismanagement and escalating U.S. sanctions enforcement, falling from roughly 3 million barrels per day in 2012 to approximately 1.1 million bpd by late 2025. The Trump Administration stepped up tanker sanctions enforcement in December, seizing the crude tanker Merlin on December 10 and declaring an effective blockade on Venezuelan exports on December 16, cutting deliveries roughly in half from November levels.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>World Reserves<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"500\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-12.png\" alt=\"\" class=\"wp-image-19370\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-12.png 975w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-12-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-12-768x394.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><strong>Source: The New York Times Oil and Gas Journal&nbsp; &#8211; PFL Analytics<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The immediate aftermath of Maduro&#8217;s capture shows a Venezuelan government apparatus in complete disarray<\/span><\/strong>. State oil company PDVSA&#8217;s command structure is unclear, and the country faces potential refugee flows as border security collapses. <strong><span style=\"text-decoration: underline;\">In the short term, Venezuelan crude exports will likely collapse further as tanker operators face legal and operational uncertainty and as potential transitional authorities assess the status of the country&#8217;s oil infrastructure.<\/span><\/strong><\/p>\n\n\n\n<p>This tightens the global heavy sour market sharply over the next 60-90 days, creating concrete upside for North American crude-by-rail economics. Canadian heavy crude rail rates from Alberta to the U.S. Gulf Coast are approximately $15.00 per barrel. At Hardisty, Alberta, Western Canadian Select&#8217;s discount to the CMA Nymex widened to $13.05 per barrel &#8211; 70 cents wider than a month earlier\u2014reflecting robust Canadian production meeting pipeline constraints and rail optionality. With Venezuelan medium sour supplies tightening and U.S. Gulf Coast domestic sour production surging (spot trading of Southern Green Canyon crude hit a record 300,000 b\/d in December 2025, the largest monthly volume since the assessment launched in 2006), refiners dependent on heavy crude have limited alternatives beyond Canadian heavy in the short term.<\/p>\n\n\n\n<p>U.S. Gulf Coast refiners who have relied on Venezuelan heavy crude will be forced to source alternatives over the next 60-90 days\u2014predominantly Canadian heavy, Mexican Maya, or Middle Eastern crudes. This creates incremental demand for North American rail movements and potential utilization support for existing crude tank car fleets. The economic case for Canadian crude-by-rail strengthens materially when pipeline capacity to the Gulf Coast is constrained and Canadian heavy discounts widen relative to delivered alternatives.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The medium-term outcomes depend entirely on whether a stable transitional government emerges and whether the Trump administration moves toward sanctions relief. Venezuelan opposition leader Edmundo Gonz\u00e1lez, recognized by the U.S. as the legitimate election winner, could theoretically form a transitional government relatively quickly, although this was dismissed by Trump over the weekend saying she does not have the respect of the people. <strong><span style=\"text-decoration: underline;\">If sanctions are lifted over the coming months and foreign investment resumes, Venezuelan production could ramp toward 1.5-2.0 million bpd over in short order as Chevron, international NOCs, and service companies return. That scenario would add substantial seaborne heavy crude supply back to global markets, eventually softening WCS differentials and reducing Canadian crude-by-rail shipments.<\/span><\/strong><\/p>\n\n\n\n<p>\u200b<strong><span style=\"text-decoration: underline;\">An additional complicating factor: the shift in Canadian crude flows toward Asia<\/span>.<\/strong> Approximately 66%of heavy Canadian crude exports from the Trans Mountain pipeline system were destined to Asia-Pacific year-to-date November 2025, up from a 60:40 split in the second half of 2024. This shift accelerated following West Coast refinery closures\u2014Phillips 66 shuttered its 139,000 b\/d Los Angeles refinery on October 16, and Valero is planning to close its 145,000 b\/d Benicia refinery near San Francisco by April 2026. Those three refineries represented 23% of California&#8217;s refinery capacity and combined took 30,000 b\/d of Cold Lake crude in the first half of 2025. <span style=\"text-decoration: underline;\"><strong>For PFL&#8217;s customers, the takeaway is that short-term Venezuelan supply tightness supports crude-by-rail margins from Western Canada, but the structural shift of Canadian crude toward Asian tanker movements could limit the upside of those economics if Asia-bound exports continue growing at the expense of U.S. Gulf Coast rail movements<\/strong>.<\/span><\/p>\n\n\n\n<p>For now, Venezuelan regime change has created a near-term tightening in heavy crude supply that benefits crude-by-rail economics from Western Canada, while longer-term outcomes remain dependent on how quickly a stable transitional government consolidates control and whether sanctions are normalized. The next 30 days will be critical in determining whether continued Venezuelan supply collapse or rapid normalization becomes the base case for 2026 energy markets and rail transportation demand.&nbsp; Stay tuned to PFL, we are watching this one closely,<\/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><strong><span style=\"text-decoration: underline;\">The four-week rolling average of petroleum carloads carried on the six largest North American railroads fell to 29,082 from 29,740, which was a decrease of +658 rail cars week-over-week. Canadian volumes were lower.<\/span> <\/strong>CPKC\u2019s shipments were lower by -18.0% week-over-week, CN\u2019s volumes were lower by -22..0% week-over-week. <strong><span style=\"text-decoration: underline;\">U.S. shipments were mixed<\/span><\/strong>. The BNSF had the largest percentage increase and was up by +1.0%. The CSX had the largest percentage decrease and was down by -17%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We were watching a Train Derailment in Kentucky<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In case you missed it, a CSX freight train derailed on December 29th in rural Todd County, Kentucky and sent 31 cars off the tracks near the Tennessee border<\/span>, <\/strong>with at least one tank car carrying molten sulfur that leaked and sparked a fire\u2014triggering emergency response measures and temporary evacuation orders that remained in effect through the weekend. The incident occurred just after 6:15 a.m. local time near Trenton, a community of approximately 350 residents located 55 miles northwest of Nashville. While no injuries were reported and air quality testing confirmed acceptable conditions after the fire was extinguished, <strong><span style=\"text-decoration: underline;\">the derailment serves as a stark reminder of hazmat transport risks and the critical importance of emergency preparedness infrastructure.<\/span><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Kentucky Train Derailment<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"649\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-13.png\" alt=\"\" class=\"wp-image-19371\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-13.png 975w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-13-300x200.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-13-768x511.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><strong>Source: WEKT via AP&nbsp; &#8211; PFL Analytics<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching the NS and the UP merger<\/em><\/strong><\/h4>\n\n\n\n<p><span style=\"text-decoration: underline;\"><strong>The proposed Union Pacific\u2013Norfolk Southern merger has officially entered the &#8220;gloves-off&#8221; phase.<\/strong> <\/span>Following the December 19th filing of a massive seven thousand (7,000) page application, the industry\u2019s response was swift and overwhelmingly negative. <strong><span style=\"text-decoration: underline;\">By the December 29th deadline, a &#8220;who\u2019s who&#8221; of Class I railroads\u2014including BNSF, CSX, CN, and CPKC\u2014filed formal comments urging the Surface Transportation Board (STB) to reject the deal.<\/span><\/strong><\/p>\n\n\n\n<p>The opposition isn&#8217;t just complaining about competition; they are attacking the technical merits of the application itself. Rival carriers identified several &#8220;deficiencies,&#8221; claiming the filing omitted key data on truck diversion, failed to include essential appendices of the merger agreement, and provided an &#8220;incomplete&#8221; network map that glosses over overlapping lines. BNSF was particularly blunt, stating the application only &#8220;superficially grapples&#8221; with the economic risks involved.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">While UP and NS filed a rebuttal on January 2nd defending their work, the STB now has the final word on whether the application is complete<\/span>.<\/strong> For railcar owners and lessors, this creates a state of suspended animation. We are looking at a full year\u2014likely stretching into 2027\u2014of strategic uncertainty. <strong><span style=\"text-decoration: underline;\">Until the STB signals whether this deal is actually viable, the industry will find it difficult to optimize long-term fleet strategies against a potentially reshaped North American landscape.<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching Labor Peace Agreement<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The Brotherhood of Locomotive Engineers and Trainmen concluded the final chapter of the 2025 freight rail bargaining cycle on December 30 when members ratified a five-year national agreement with overwhelming support<\/span><\/strong>\u2014marking the last major union settlement and establishing labor stability across North American freight operations through 2030. <strong><span style=\"text-decoration: underline;\">The agreement, covering more than 12,000 BLET members at 10 major freight railroads including BNSF, Norfolk Southern, and Canadian National, delivered wage increases of 18.8 percent over the contract term, a $500 lump sum signing payment, improved vacation accrual, and critically, zero concessions or work rule changes.<\/span><\/strong><\/p>\n\n\n\n<p>&nbsp;\u200b<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The 70% ratification by voting members represents decisive support<\/span> <\/strong>after BLET National President Mark Wallace and the union&#8217;s bargaining team conducted extensive cross-country meetings to educate members on settlement terms. Coming as the final of 12 rail unions to reach tentative agreement\u2014the Brotherhood held out longest for optimal positioning\u2014the BLET settlement provided the closing piece to labor peace that had seemed threatened just months earlier. <strong><span style=\"text-decoration: underline;\">The wage and benefits package establishes predictable labor cost structures for the next five years, while removing a significant source of industry uncertainty as 2026 opens.<\/span><\/strong><\/p>\n\n\n\n<p>For PFL&#8217;s customer base and the broader railcar operating ecosystem, <strong><span style=\"text-decoration: underline;\">the BLET settlement removes what the industry had characterized as a major Q1 2026 risk<\/span>. <\/strong>As one industry observer noted, &#8220;avoiding disruption is often as important as adding capacity&#8221; in rail&#8217;s constrained operating environment. The 2022 labor crisis, when a handful of congressional hours stood between the nation and an economically catastrophic rail strike, demonstrated how fragile service reliability becomes under labor uncertainty. This contract closes that file through 2030<strong>. <span style=\"text-decoration: underline;\">The absence of work rule changes is particularly significant for operational efficiency\u2014it preserves the current framework for scheduling, productivity, and network management that railroads have grown accustomed to<\/span>.<\/strong> Benefits begin rolling out over the next 60 days, providing union members with immediate improvements while allowing railroads to budget labor costs with confidence.<\/p>\n\n\n\n<p>However, the agreement should not be confused with comprehensive labor resolution. Underlying challenges remain: hiring, retention, fatigue management, and attendance policies continue to create long-term tension between crew availability and network efficiency. This agreement &#8220;buys time, but it doesn&#8217;t eliminate the underlying tension&#8221; between competing operational imperatives. For Q1 2026 specifically, however, the contract removes the wildcard risk of labor disruption and allows networks to focus on execution rather than managing contract uncertainty. That clarity is valuable as winter operations enter their most operationally complex period.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><em>&nbsp;<\/em><strong><em>PFL is Watching Rail Car Manufacturing<\/em><\/strong><\/h4>\n\n\n\n<p>As we enter <strong>2026<\/strong>, the North American railcar market is defined by a bizarre split personality.&nbsp; <strong><span style=\"text-decoration: underline;\">We are seeing exceptional strength in leasing and secondary markets, yet anemic demand for new builds.<\/span><\/strong><\/p>\n\n\n\n<p>On the leasing side, it is a landlord&#8217;s market.&nbsp; <strong><span style=\"text-decoration: underline;\">Operating lessors are reporting renewal rates approximately 25% higher than expiring contracts, with fleet utilization sitting at a near-perfect 98.9%.<\/span><\/strong> Tank car rates are a prime example: a full-serve <strong><span style=\"text-decoration: underline;\">DOT-117<\/span><\/strong> can now command <strong><span style=\"text-decoration: underline;\">One Thousand One Hundred and Twenty-Five Dollars ($1,125.00)<\/span><\/strong> per month.<\/p>\n\n\n\n<p>However, the manufacturing side tells a much darker story:<\/p>\n\n\n\n<p>\u00b7 &nbsp; &nbsp; &nbsp; &nbsp; <strong><span style=\"text-decoration: underline;\">Anemic Orders<\/span><\/strong>: Third-quarter 2025 orders dropped to just 3,071 units \u2013 a 25% decline from an already weak previous quarter.<\/p>\n\n\n\n<p>\u00b7 &nbsp; &nbsp; &nbsp; &nbsp; <strong><span style=\"text-decoration: underline;\">Thin Backlogs<\/span><\/strong>: The industry backlog has shriveled to 25,687 units. At current delivery rates, that is less than a year\u2019s worth of production visibility.<\/p>\n\n\n\n<p>\u00b7 &nbsp; &nbsp; &nbsp; &nbsp; <strong><span style=\"text-decoration: underline;\">The &#8220;Replacement&#8221; Trap<\/span><\/strong>: Forecasters suggest we aren&#8217;t in a typical cycle, but rather a &#8220;post-COVID normalization&#8221; where builds hover around 40,516 units annually &#8211; well below historical averages.<\/p>\n\n\n\n<p>Why the disconnect? It\u2019s a perfect storm of uncertainty. High steel and labor costs have pushed new car prices to uncomfortable levels, while persistent tariff concerns make a 30 to 50 year asset feel like a risky bet.<\/p>\n\n\n\n<p>For PFL customers, this is a double-edged sword. While lead times for new equipment have compressed significantly because manufacturing shops are under-utilized, the broader manufacturing slump is a warning light. It suggests the rest of the industry remains deeply skeptical about future freight demand and commodity flows. Please call PFL to discuss further, or to troubleshoot your fleet requirements.&nbsp; We look forward to building a great 2026 together.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching Key Economic Indicators&nbsp;<\/em><\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-center\"><strong>Industrial Output &amp; Capacity Utilization<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left\">Manufacturing accounts for roughly 75% of total industrial output. In November 2025,<strong> <span style=\"text-decoration: underline;\">manufacturing output was flat m\/m, following a decline in October, and is +1.9% y\/y<em>. <\/em>Total capacity utilization was 76.0%<\/span><\/strong>, up slightly from 75.9% (still about 3.6 pp below its long-run average).<strong> <span style=\"text-decoration: underline;\">Manufacturing capacity utilization was 75.4%<\/span>,<\/strong> essentially unchanged, still pointing to persistent slack even as headline output shows modest improvement.<\/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=\"797\" height=\"413\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-14.png\" alt=\"\" class=\"wp-image-19372\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-14.png 797w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-14-300x155.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-14-768x398.png 768w\" sizes=\"auto, (max-width: 797px) 100vw, 797px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><\/p>\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>30-50, 6000cf Steel Hopper located off of CSX or NS in East. For use in petcoke service. Period: 5 Years.<\/li>\n\n\n\n<li>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.<\/li>\n\n\n\n<li>50, 23.5-25.5 DOT111 Tank located off of Any Class 1 in USA. For use in Asphalt service. Period: 5 years.<\/li>\n\n\n\n<li>100, 21.9K 117J Tank located off of All Class 1s in Midwest. For use in CO2 service. Period: 6 months.<\/li>\n\n\n\n<li>30-50, 30K 117J Tank located off of NS or CSX in Northeast. For use in C5 service. Period: 1 year.<\/li>\n\n\n\n<li>30, 30K 117J Tank located off of UP in Harlingen, TX. For use in Ethanol service. Period: 1 Year.<\/li>\n\n\n\n<li>60, 33K 340W Tank located off of BNSF in UT\/AZ. For use in Propane service. Period: Trip Lease.<\/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>28, 3400CF Hopper Covered located off of UP BN in Texas. For use in Cement service.Cement Gates needed.<\/li>\n\n\n\n<li>20, 17K Tank DOT111 located off of various class 1s in various locations. For use in corn syrup service.<\/li>\n\n\n\n<li>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.<\/li>\n\n\n\n<li>30, 29K Tank DOT111 located off of various class 1s in Chicago. For use in Veg Oil 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>100, 30K CPC1232 Tanks located off of UP or BN in Texas. Last used in Diesel.<\/li>\n\n\n\n<li>100, 30K DOT117J Tanks located off of UP or BN in Texas. Last used in Gasoline.<\/li>\n\n\n\n<li>100, 29K DOT117J Tanks located off of UP or BN in Texas. Last used in Gasoline. Coiled and Insulated.<\/li>\n\n\n\n<li>36, 6351 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/27.<\/li>\n\n\n\n<li>29, 6580 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/26.<\/li>\n\n\n\n<li>18, 6580 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/27.<\/li>\n\n\n\n<li>9, 5400 Covered Hopper located off of CN in Wisconsin. Last used in Grain. through 2\/27.<\/li>\n\n\n\n<li>21, 6351 Covered Hopper located off of CN in Wisconsin. Last used in DDG. Available until February 2027.<\/li>\n\n\n\n<li>29, 6500 Covered Hopper located off of CN in Wisconsin. Last used in DDG. Available until February 2027.<\/li>\n\n\n\n<li>50, 5380 Covered Hopper located off of UP or BN in Houston. Last used in Fertilizer. Cars are currently clean. Available until February.<\/li>\n\n\n\n<li>50, 20K DOT117J Tank located off of All Class 1s in Moving. Last used in Styrene.<\/li>\n\n\n\n<li>29, 25.5K DOT117J Tank located off of UP or BN in Texas. Cars are currently clean. Cars are currently clean.<\/li>\n\n\n\n<li>90, 30K DOT117J Tank located off of UP or BN in Corpus Christie. Last used in Diesel.<\/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>21, 50&#8242; Boxcar Plate Cs located off of various class 1s in NM. End of Life.<\/li>\n\n\n\n<li>3, 50&#8242; Boxcar Plate Cs located off of various class 1s in multiple locations. End of Life.<\/li>\n\n\n\n<li>27, 50&#8242; Boxcar Plate Cs located off of various class 1s in PQ. End of Life.<\/li>\n\n\n\n<li>100, 3250 Covered Hoppers located off of various class 1s in multiple locations. Sand Cars.<\/li>\n\n\n\n<li>5, 2740 Mill Gondolas located off of various class 1s in NC. End of Life.<\/li>\n\n\n\n<li>1, 2260 Mill Gondolas located off of various class 1s in AL. End of Life.<\/li>\n\n\n\n<li>30, 2740 Mill Gondolas located off of various class 1s in multiple locations. End of Life.<\/li>\n\n\n\n<li>21, 2740 Mill Gondolas located off of various class 1s in WA. End of Life.<\/li>\n\n\n\n<li>9, 4750 Covered Hoppers located off of various class 1s in multiple locations. End of Life.<\/li>\n\n\n\n<li>5, 4750 Covered Hoppers located off of various class 1s in multiple locations. End of Life.<\/li>\n\n\n\n<li>50, 31.8K Tank CPC 1232s located off of UP or BN in TX. Requal Due in 2025.<\/li>\n\n\n\n<li>100, 4600CF Open Top Hoppers located off of BN or CSX in Southeast. N\/A.<\/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>\u201cPrepare for the unknown by studying how others in the past have coped with the unforeseeable and the unpredictable.\u201d-George S. Patton Jobs Update Stocks closed mixed on Friday of last week, but lower week-over-week The DOW closed higher on Friday of last week, up 319.10 points (0.66%), closing out the week at 48,382.39, down -328.58 [&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-19354","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 January 4, 2026<\/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-1-5-2026\/\" \/>\n<meta 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