{"id":19588,"date":"2026-02-01T14:19:19","date_gmt":"2026-02-01T19:19:19","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=19588"},"modified":"2026-02-02T08:05:31","modified_gmt":"2026-02-02T13:05:31","slug":"pfl-railcar-report-2-2-2026","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-2-2-2026\/","title":{"rendered":"PFL Railcar Report 2-2-2026"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong><em><strong><em><strong><strong><em><strong><em><strong><em><strong><em><strong><em>\u201cThe power to question is the basis of all human progress.\u201d &#8211; <\/em>Indira Gandhi<\/strong><\/em><\/strong><\/em><\/strong><\/em><\/strong><\/em><\/strong><\/strong><\/em><\/strong><\/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;\">&nbsp;Initial jobless claims seasonally adjusted for the week ending January 24, 2026 came in at 209,000,<\/span><\/strong> versus the adjusted number of 210,000 people from the week prior, down 1,000 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-66.png\" alt=\"\" class=\"wp-image-19593\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-66.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-66-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;<strong><span style=\"text-decoration: underline;\">Continuing jobless claims came in at 1,865,000<\/span><\/strong>, versus the adjusted number of 1,875,000 people from the week prior, down 10,000 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-67.png\" alt=\"\" class=\"wp-image-19594\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-67.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-67-300x161.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 lower on Friday of last week and mixed week-over-week<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The DOW closed lower on Friday of last week, down -179.09 points (-0.36%), closing out the week at 48,892.47<\/span>, <\/strong>down -206.24 points week-over-week. <strong><span style=\"text-decoration: underline;\">The S&amp;P 500 closed lower on Friday of last week, down -29.98 points (-0.43%), and closed out the week at 6,939.03<\/span>, <\/strong>up 23.42 points week-over-week. <strong><span style=\"text-decoration: underline;\">The NASDAQ closed lower on Friday of last week, down -223.30 points (-0.94%), and closed out the week at 23,461.82<\/span>, <\/strong>down -39.42 points week-over-week.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In overnight trading, DOW futures traded lower and are expected to open at 48,951 this morning down -57 points.<\/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 and higher week-over-week<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">West Texas Intermediate (WTI) crude closed down -0.21 per barrel (-0.32%), to close at $65.21<\/span> <\/strong>on Friday of last week, but up $4.14 week-over-week. <strong><span style=\"text-decoration: underline;\">Brent crude closed down -0.02 per barrel<\/span><\/strong> (-0.03%), to close at $70.69, but up $4.81 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 March delivery settled on Friday of last week at US$14.50&nbsp; below the WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average)<\/strong>.<\/span> The implied value was US$50.62 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 2.3 million barrels<\/span><\/strong> week-over-week. At 423.8 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-68.png\" alt=\"\" class=\"wp-image-19595\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-68.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-68-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-68-768x395.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 200,000 barrels<\/span><\/strong> week-over-week and are 5% 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-69.png\" alt=\"\" class=\"wp-image-19596\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-69.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-69-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-69-768x395.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 300,000 barrels<\/span><\/strong> week-over-week and are 1% 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-70.png\" alt=\"\" class=\"wp-image-19597\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-70.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-70-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-70-768x395.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 decreased 4.7 million barrels<\/span><\/strong> week-over-week and are 41% 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-71.png\" alt=\"\" class=\"wp-image-19598\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-71.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-71-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-71-768x395.png 768w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Propane prices closed at 64.5 cents per gallon on Friday of last week, up 4.9 cents per gallon week-over-week, but down 27 cents year-over-year.<\/span><\/strong><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-72.png\" alt=\"\" class=\"wp-image-19599\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-72.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-72-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-72-768x395.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 decreased by 6.8 million barrels<\/span> <\/strong>week-over-week, during the week ending January 23, 2026.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">U.S. crude oil imports averaged 5.6 million barrels per day<\/span> <\/strong>during the week ending January 23, 2026<strong>, <span style=\"text-decoration: underline;\">a decrease of 804,000 barrels per day<\/span><\/strong> week-over-week. Over the past four weeks, <strong><span style=\"text-decoration: underline;\">crude oil imports averaged 6.4 million barrels per day<\/span><\/strong>, 0.9% 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 364,000 barrels per day, and distillate fuel imports averaged 253,000 barrels per day<\/span> <\/strong>during the week ending January 23, 2026.<\/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-73.png\" alt=\"\" class=\"wp-image-19600\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-73.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-73-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-73-768x395.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 4.589 million barrels per day during the week ending January 23, 2026<\/span><\/strong>, an increase of 901,000 barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 4.212 million barrels per day.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-74.png\" alt=\"\" class=\"wp-image-19601\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-74.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-74-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-74-768x395.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 16.2 million barrels per day<\/span><\/strong> during the week ending January 23, 2026, which was 395,000 barrels per day less 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\/2026\/01\/image-75.png\" alt=\"\" class=\"wp-image-19602\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-75.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-75-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-75-768x395.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 is poised to open at $61.74, down\u00a0$3.47 per barrel 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 January 28, 2026:<\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Total North American weekly rail volumes were up (+2.61%) in week 5, compared with the same week last year.<\/span><\/strong> Total Carloads for the week ending January 28, 2026 were 309,403, up (+9.05%) compared with the same week in 2024, while weekly Intermodal volume was 320,364, down (-2.93%) year over year. 4 of the AAR\u2019s 11 major traffic categories posted year-over-year decreases. The largest decrease came from Forest Products (-16.26%), while the largest increase was Nonmetallic Minerals (+27.77%).<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the East, CSX\u2019s total volumes were up (+11.40%)<\/span>,<\/strong> with the largest decrease coming from Metallic Ores and Metals (-11.06%), while the largest increase came from Nonmetallic Minerals (+29.74%). <strong><span style=\"text-decoration: underline;\">NS\u2019s total volumes were up (+6.19%)<\/span>,<\/strong> with the largest increase coming from Nonmetallic Minerals (+32.21%), while the largest decrease came from Grain (-6.33%).<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the West, BNSF\u2019s total volumes were up (+2.23%)<\/span>,<\/strong> with the largest increase coming from Nonmetallic Minerals (+35.61%), while the largest decrease came from Forest Products (-9.39%). <strong><span style=\"text-decoration: underline;\">UP\u2019s total volumes were up (+1.39%)<\/span>,<\/strong> with the largest increase coming from Grain (+64.17%), while the largest decrease came from Intermodal Units (-13.72%).<\/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 (-3.08%)<\/strong><\/span><strong>,<\/strong> with the largest increase coming from Grain (+65.86%), while the largest decrease came from Motor Vehicles and Parts (-18.80%). <strong><span style=\"text-decoration: underline;\">CPKCS\u2019s total volumes were down (-21.47%)<\/span>,<\/strong> with the largest increase coming from Coal (+21.51%), while the largest decrease came from Forest Products (-64.86%).<\/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 +3 rigs week-over-week. The U.S. rig count was up by +2 rigs week-over-week, but down by -36 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 up by +1 rig week-over-week, but down by -26 rigs year-over-year<\/span>.<\/strong> Canada currently has 232 active rigs. Overall, year-over-year we are down by -62 rigs collectively.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"751\" height=\"240\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-77.png\" alt=\"\" class=\"wp-image-19605\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-77.png 751w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-77-300x96.png 300w\" sizes=\"auto, (max-width: 751px) 100vw, 751px\" \/><\/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-76.png\" alt=\"\" class=\"wp-image-19604\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-76.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-76-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-76-768x395.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<h4 class=\"wp-block-heading has-text-align-center\"><em>Happy Groundhog Day Folks\u00a0 <\/em><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Well expect the record-setting cold Philadelphia has experienced in recent days to continue for the next six weeks, at least according to Punxsutawney Phil<\/span><\/strong>.  The weather-predicting groundhog <strong><span style=\"text-decoration: underline;\">saw his shadow Monday outside his hole at Gobbler\u2019s Knob in Punxsutawney, Pa<\/span><\/strong>. If you believe such things, that means the entire country \u2013 including our snow-covered section of the Northeast \u2013 can expect below-average temperatures for the next six weeks<\/p>\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 rose to 29,429 from 28,558, which was a increase of +871 rail cars week-over-week. Canadian volumes were mixed<\/span>. <\/strong>CPKC\u2019s shipments were higher by +10.0% week-over-week, CN\u2019s volumes were lower by -2.0% week-over-week. <strong><span style=\"text-decoration: underline;\">U.S. shipments were also mixed<\/span><\/strong>. The NS had the largest percentage increase and was up by +3.0%. The CSX had the largest percentage decrease and was down by -6.0%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are Watching Canadian Crude Oil Exports by Rail<\/em><\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-left\"><strong><span style=\"text-decoration: underline;\">The Canadian Energy regulator reported on January 26, 2026, that 85,055 barrels were exported during the month of&nbsp; November 2026 up from 78,117 barrels in October of 2025<\/span>,<\/strong> an increase of 6,938 barrels per day month over month.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"797\" height=\"456\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-63.png\" alt=\"\" class=\"wp-image-19589\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-63.png 797w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-63-300x172.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-63-768x439.png 768w\" sizes=\"auto, (max-width: 797px) 100vw, 797px\" \/><\/figure>\n<\/div>\n\n\n<p><strong><span style=\"text-decoration: underline;\">Crude by rail will always be necessary out of Canada for stranded oil not connected by pipelines<\/span>.<\/strong> Raw bitumen, which is shipped as a non-haz product and is not able to flow in pipelines, is competitive with pipeline tolls and is a growing market to keep an eye on, particularly in light of Strathcona and Gibson announcing new projects. Other factors would be existing long-term contractual commitments and basis \u2013 we really need to see basis WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average) blowout to -18 per barrel for sustained periods of time to make economic sense. Current rail rates from Alberta to the U.S. Gulf Coast have averaged $15.36 per barrel, making rail competitive whenever WCS-WTI spreads exceed $18 per barrel, including quality adjustments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch Oil and Gas<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In the first month of 2026, the oil and gas industry has been shaped by a mix of strong earnings, geopolitical maneuvers, supply shifts, and strategic portfolio realignments<\/span>.<\/strong> Despite the backdrop of global oversupply, Chevron and ExxonMobil are delivering results that topped expectations. They continued to deliver record production volumes \u2014 particularly in the Permian Basin and other key U.S. plays \u2014 even as profits softened compared with earlier peaks and refining margins fluctuated with market conditions. Their performance underscores how <strong><span style=\"text-decoration: underline;\">major integrated producers are navigating tight pricing environments and cost pressures.<\/span><\/strong><\/p>\n\n\n\n<p>At the same time, <strong><span style=\"text-decoration: underline;\">benchmark crude oil and natural gas prices climbed over recent weeks<\/span><\/strong>, influenced by weather-related production disruptions in the U.S. and geopolitical risk perceptions. <strong><span style=\"text-decoration: underline;\">Winter cold snaps in key producing regions temporarily constrained output<\/span>, <\/strong>tightening balances and lifting prices, while concerns over broader supply reliability continued to support energy markets. These price movements reflect the ongoing tension between robust inventories and episodic supply constraints that can trigger rallies in both oil and gas benchmarks.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The repositioning of Venezuelan crude flows is rapidly reshaping international crude markets.<\/span><\/strong> Trading houses such as Trafigura have already sold their first cargoes of Venezuelan heavy crude under newly negotiated supply arrangements, with shipments destined for European refiners capable of processing viscous sour grades. Vitol is likewise moving Venezuelan cargos to Italy and to refiners in the U.S. Gulf Coast and Asia, capitalizing on authorized trade channels opening up after the U.S. eased longstanding sanctions on Venezuelan oil exports. These early shipments \u2014 part of a larger 50 million-barrel supply agreement brokered between Caracas and Washington \u2014 mark some of the first conventional crude flows out of Venezuela in years and signal how mainstream market forces are re-entering a once-frozen trade lane.<\/p>\n\n\n\n<p>One company making headlines as of late is Valero. <strong><span style=\"text-decoration: underline;\">Valero\u2019s recent announcement that it has engaged with three U.S. &#8211; authorized sellers of Venezuelan crude underscores a shift in heavy oil supply for Gulf Coast refiners.<\/span><\/strong> Valero expects these grades to make up a \u201cpretty large part\u201d of its heavy crude intake in the coming months. <strong><span style=\"text-decoration: underline;\">This shift could have real implications for rail markets, possibly displacing Canadian barrels that would normally be destined for the U.S. Gulf Coast<\/span> <\/strong>\u2013 forcing those barrels to Eastern U.S. refineries or to be exported to Asian markets.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Canada is actively pivoting export strategies toward Asia, particularly China<\/span>,<\/strong> as part of a broader effort to reduce its near-exclusive dependence on U.S. energy demand. <strong><span style=\"text-decoration: underline;\">Record production levels from Alberta\u2019s oil sands, enabled by expanded pipeline capacity such as the Trans Mountain Extension, have boosted export volumes<\/span><\/strong> and helped Canadian producers diversify into longer-haul markets. However, challenges remain, including pipeline bottlenecks re-emerging under a global crude glut and continued debate over energy infrastructure expansions amid environmental and indigenous policy hurdles.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Alberta\u2019s Premier Danielle Smith was speaking at a press conference on Friday of last week with Canada\u2019s 13 Premiers (similar to a Governor here in the U.S.) and left wing Prime Minister Mark Carney,<\/span><\/strong> following two days of meetings in Ottawa to discuss trade diversification and other national issues. She said Kitimat will not be the terminus for a proposed Alberta-to\u2013West Coast oil pipeline, citing overly complex marine navigation. Smith said a proposal to expand Enbridge\u2019s mainline was \u201cinteresting\u201d to <strong><span style=\"text-decoration: underline;\">ship crude by rail to the East Coast to access more European markets<\/span>.<\/strong> She said more American routes \u201c\u2026.kind of misses the point of the exercise. I suppose we could sell more to the United States, but why we\u2019re all here is we\u2019re trying to find a way to trade with each other (Provinces of Canada trading with other Provinces of Canada &#8211; believe it or not folks this does not happen very often!) and help each other and find new markets.\u201d There was also continued talk of expanding the Port of Churchill, or a route through the Northwest Territories. She said Alberta aims to have its proposal ready by June and expects private-sector interest once approved.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch Left Wing Canadian Prime Minister Carney<\/em><\/strong><\/h4>\n\n\n\n<p>As our readers are aware, PFL has offices in Canada and does a bunch of work up in Canada and <strong><span style=\"text-decoration: underline;\">many ask what is wrong with Canada?<\/span><\/strong>&nbsp; What are they thinking? We will try and explain below the best we can:<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Canada is living through one of history&#8217;s great economic contradictions<\/span>. <\/strong>Commodity prices remain elevated across energy, agriculture, and critical minerals\u2014the exact resources Canada holds in abundance. Oil is trading above $60 per barrel, natural gas recently spiked above $6 per MMBtu during cold snaps, potash prices remain firm on global food security concerns, and lithium, cobalt, and rare earth minerals command premiums as the world scrambles to secure battery supply chains.&nbsp;<\/p>\n\n\n\n<p>Canada has it all! Canada ranks third globally in proven oil reserves, holds vast natural gas deposits, dominates global potash production, and possesses significant uranium and critical mineral resources that Western nations desperately need. Yet, despite this resource wealth and elevated global prices, ordinary Canadians are getting materially poorer. Housing costs have doubled in a decade, grocery prices have climbed 30% since 2020, and after-tax incomes are stagnant or declining in real terms for most households. <span style=\"text-decoration: underline;\"><strong>In his first weeks as Prime Minister, Mark Carney announced a &#8220;Canada Groceries and Essentials Benefit&#8221;\u2014providing families of four up to $1,890 in direct payments to cope with affordability pressures<\/strong>.<\/span> The rebate is essentially an admission of policy failure: a resource-rich nation during a commodity boom requiring grocery subsidies for its middle class. What a joke!<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The irony of Carney&#8217;s government is that it has made substantial course corrections on climate policy while leaving the structural impediments to resource development largely intact<\/span>. <\/strong>Carney scrapped the consumer carbon tax on his first day in office &#8211; March 14, 2025 &#8211; after spending years as UN Special Envoy for Climate Action championing carbon pricing as essential to emissions reduction. Eight months later, in November 2025, he signed a memorandum of understanding with Alberta Premier Danielle Smith that scrapped the oil and gas sector emissions cap, suspended clean electricity regulations, and committed to adjusting the Oil Tanker Moratorium Act to facilitate a new Pacific pipeline. Environment Minister Steven Guilbeault resigned immediately after the deal was announced. <strong><span style=\"text-decoration: underline;\">Carney &#8211; the former central banker who wrote in his 2021 book that &#8220;meaningful carbon prices are a cornerstone of any effective policy framework&#8221;<\/span><\/strong>&#8211; eliminated both the consumer carbon tax and the sectoral emissions cap within his first year in office. The policy reversals were politically necessary; the consumer carbon tax had become toxic with voters amid inflation, and the emissions cap faced unified opposition from Alberta, Saskatchewan, and the oil industry. But, the flip-flops reveal a government reacting to political pressure rather than executing a coherent economic growth strategy.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Eliminating the carbon tax and emissions cap removes some costs and regulatory uncertainty, but these changes do not address the core problem<\/span>:<\/strong> Canada&#8217;s regulatory and approval processes remain hostile to resource development, investment capital continues fleeing to more competitive jurisdictions, and the tax burden on high earners and businesses remains among the highest in the developed world. Major resource projects still take 10-15 years to permit and develop in Canada versus 3-5 years in Australia. LNG export terminals that could supply European and Asian markets face multi-year environmental reviews while U.S. Gulf Coast LNG capacity has grown from near-zero in 2015 to over 100 million tons per year today. Critical mineral projects essential for battery supply chains languish in approval processes while similar projects in Nevada or Western Australia move to production. The Liberals imposed emissions caps on the oil and gas sector in 2021, published draft regulations in 2024, then scrapped the entire framework in 2025 &#8211; creating three years of investment uncertainty that deterred capital deployment regardless of the ultimate policy outcome. Carney&#8217;s government has signaled openness to a new Pacific pipeline, approved an LNG expansion in British Columbia, and committed to streamlining approvals, but concrete action remains limited and timelines remain vague.<\/p>\n\n\n\n<p>Meanwhile, federal program spending has increased from $250 billion annually in 2015 to over $500 billion today, while GDP growth has badly lagged population growth, producing declining per-capita income. Federal debt has climbed from $600 billion in 2015 to over $1.3 trillion, producing annual debt servicing costs exceeding $50 billion &#8211; more than Canada spends on national defense. The Liberal response under both Trudeau and Carney has been to increase taxes on high earners and corporations while expanding social programs, subsidies, and transfer payments. Combined federal-provincial top marginal income tax rates now exceed 53 percent in Ontario, Quebec, and British Columbia &#8211; among the highest in the developed world and materially above competing U.S. states. For professionals, entrepreneurs, and skilled workers, the after-tax economic proposition of staying in Canada versus relocating to the United States has deteriorated sharply. Doctors, engineers, tech workers, and finance professionals are leaving for higher after-tax incomes, lower costs of living, and jurisdictions that treat wealth creation as desirable rather than problematic.<\/p>\n\n\n\n<p>This exodus mirrors California&#8217;s experience, where progressive tax policies and soaring costs drove unprecedented outmigration of high earners and businesses to Texas, Florida, Arizona, and Nevada between 2020 and 2025.&nbsp; It is still happening today with Wells Fargo announcing last week that they are moving their corporate offices from California to Florida. The migrants were disproportionately high earners\u2014exactly the tax base California needs to fund its expansive social programs. Canada faces the same dynamic. Statistics Canada data shows net emigration of Canadian residents to the United States has turned sharply negative, with tens of thousands more Canadians moving south than Americans moving north annually. These are working-age professionals and entrepreneurs concluding that Canada&#8217;s tax burden, cost of living, and economic opportunities no longer justify staying. The Liberal government&#8217;s solution\u2014grocery rebates, direct payments, and expanded subsidies\u2014accelerates the problem by increasing the tax burden on those who remain while doing nothing to address the structural productivity and competitiveness issues driving the exodus. Redistribution requires wealth creation; Canada is attempting redistribution while constraining the sectors that create wealth.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">What Canada needs is a fundamental reorientation toward economic growth, resource development, and productivity improvement.<\/span><\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">First, embrace resource extraction and export as a strategic economic priority<\/span>.<\/strong> Approving LNG export terminals on the West Coast would position Canada to supply Asian and European markets currently served by Qatar, Australia, and the United States. Canadian natural gas is among the lowest-emission in the world due to strict regulations and modern production techniques, yet Canada exports virtually none in liquefied form while U.S. Gulf Coast LNG capacity has exploded. Critical minerals\u2014lithium, cobalt, nickel, rare earths\u2014are essential for electric vehicle batteries, defense systems, and renewable energy infrastructure. Western nations have identified supply chain vulnerability to China as a national security issue and are willing to pay premiums for North American supply. Yet Canadian critical mineral projects take 10-15 years to permit versus 3-5 years in Australia. Streamlining approvals to 2-3 years for major projects would unlock tens of billions in private investment without sacrificing environmental review.&nbsp; At the same time, why not make it a year or even months? Canada has been studying the environment for years!<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Second, rebuild the tax system to retain talent and attract investment<\/span>.<\/strong> Reducing top marginal rates to 45 percent combined federal-provincial would slow the brain drain and signal that Canada values wealth creators. Increasing capital cost allowances, eliminating interprovincial trade barriers, and reducing regulatory compliance costs would improve the business investment climate. These are competitive necessities for a country hemorrhaging talent and capital to more favorable jurisdictions.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Third, invest in infrastructure that enables resource development rather than constraining it<\/span><\/strong>. Pipeline capacity determines whether Canadian crude sells at global prices or persistent discounts. Rail capacity determines whether grain and potash reach export markets during demand windows or sit in storage. Port terminals determine whether critical minerals move efficiently to buyers or queue for weeks. LNG export terminals determine whether Canadian gas reaches premium Asian markets or gets sold at domestic spot prices. The Liberal approach created under 10 years of a Trudeau government &#8211; blocked pipelines, underfund rail, deferred port expansions, slowed LNG approvals &#8211; created bottlenecks preventing Canada from capturing full value from its resource base. Carney said he has shifted toward infrastructure support, but concrete action remains limited, we have seen nothing but talk. A government serious about prosperity would approve projects, expedite permitting, and work with provinces and industry to remove barriers.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Fourth, recognize that fiscal sustainability requires economic growth, not borrowing and redistribution.<\/span><\/strong> Transfer payments, social programs, and debt servicing consume increasing shares of federal revenue while the tax base erodes through emigration and underinvestment. Growing the economy through resource development, infrastructure investment, and productivity improvements makes social programs affordable; borrowing to fund rebates while strangling wealth-creating sectors leads to stagnation, higher taxes, or both.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">If Canada pursues these policies, rail car market implications are substantial.<\/span><\/strong> Increased oil sands production requires unit trains of diluent inbound and crude or dilbit outbound when pipeline capacity fills. LNG facility construction and operation generate specialty carloads of equipment, materials, and chemicals. Critical mineral mines require inbound reagents and outbound concentrates. Potash production growth increases covered hopper demand for movements to Vancouver and export terminals. Grain volumes rise when farmers respond to strong global prices and have adequate logistics to move product. Forest products, steel, manufactured goods, and intermodal freight all benefit from a stronger overall economy with higher investment and employment. Conversely, if Canada continues muddling through &#8211; removing some regulatory barriers while maintaining others, cutting some taxes while raising others, approving some projects while deferring others &#8211; the structural demand environment for rail transportation remains weak. Crude-by-rail becomes a niche market managing pipeline constraints rather than a growth opportunity. Grain movements stay limited by production uncertainty. Specialty carloads tied to mining, manufacturing, and construction face headwinds as projects migrate to more competitive jurisdictions or do not proceed.<\/p>\n\n\n\n<p>Left wing Carney&#8217;s November deal with Alberta, his March elimination of the consumer carbon tax, and his January grocery rebate announcement encapsulate the challenge. The Prime Minister has abandoned climate policies he spent a decade championing\u2014not because the science changed, but because the politics did. He travels abroad securing tariff reductions and lecturing global elites, then returns home to announce payments helping Canadians afford food. The policy reversals suggest responsiveness to political reality, but they do not constitute an economic growth strategy. Canada does not need grocery rebates, trade deals with China, or speeches about sovereignty\u2014it needs policies that enable the country to develop its resources, attract investment, retain talent, and build infrastructure required to capitalize on the most favorable commodity environment in decades. Until that happens, Canadians will grow poorer despite living in one of the most resource-rich nations on earth, and the rail car industry will watch potential demand growth migrate to the United States while Canadian volumes stagnate. The opportunity is generational; the risk of squandering it through incoherence and half-measures is real.&nbsp; <strong><span style=\"text-decoration: underline;\">Left Wing Carney needs a wake-up call, or Canada needs a real leader.&nbsp; Stay tuned to PFL we are always watching this one!<\/span><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><em>&nbsp;<\/em><strong><em>We are Watching Private Equity<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Adding a strategic twist to the industry landscape, U.S. private equity giant The Carlyle Group agreed to buy most of Russia\u2019s Lukoil\u2019s international assets, a sweeping portfolio spanning oilfields, refineries, and downstream holdings across Europe, the Middle East, Africa, and Central Asia<\/span>.<\/strong> Lukoil, Russia\u2019s second-largest oil producer, has been compelled to divest these assets under mounting Western sanctions aimed at curtailing Russian hydrocarbon revenues tied to the Ukraine conflict. <strong><span style=\"text-decoration: underline;\">The sale \u2014 still subject to U.S. Treasury Office of Foreign Assets Control<\/span><\/strong> (OFAC) approval and due diligence \u2014 would mark a rare transfer of major global energy assets to Western capital markets, with implications for ownership patterns, refinery feedstock control, and energy security across multiple regions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We are watching Chemical Companies<\/em><\/strong><\/h4>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Dow\u2019s announcement that it will cut roughly 4,500\u20135,000 jobs globally is being described as part of a broader effort to reduce costs<\/span>,<\/strong> simplify operations, and rely more heavily on automation and AI. The move follows a tough earnings year and is expected to include meaningful impacts at Gulf Coast operations, especially the Freeport area.<\/p>\n\n\n\n<p>While the announcement isn\u2019t about rail directly, it fits a pattern that rail-shipping manufacturers, especially in chemicals, have been moving toward for some time.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">When companies reduce headcount and push for leaner operations, plants tend to run with less buffer. <\/span><\/strong>Production is scheduled more tightly, staffing is thinner, and there\u2019s less room for delays or inefficiencies.<\/p>\n\n\n\n<p>For rail, this often shows up as:<\/p>\n\n\n\n<p>\u25cf &nbsp; &nbsp; Shipments that are less steady and more start-and-stop;<\/p>\n\n\n\n<p>\u25cf &nbsp; &nbsp; Cars being held while production or sales plans are adjusted;<\/p>\n\n\n\n<p>\u25cf &nbsp; &nbsp; More repositioning of equipment as plans change.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Volumes don\u2019t necessarily fall off a cliff, but the flow becomes less predictable.<\/span><\/strong><\/p>\n\n\n\n<p><strong>Gulf Coast Impacts:<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Dow\u2019s Gulf Coast footprint is heavily tied to rail and export activity.<\/span><\/strong> When large sites in that region adjust staffing or operating models, the effects usually show up indirectly, through changes in timing, staging, and how long railcars sit between moves.<\/p>\n\n\n\n<p>These kinds of shifts are common during restructurings. Rail becomes the place where mismatches between production and demand are worked through, often quietly and over weeks or months rather than all at once.<\/p>\n\n\n\n<p><strong>Automation:<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Dow has pointed to AI and automation as tools to improve planning and efficiency<\/span>.<\/strong> While better planning can help, it also tends to tighten the system. When everything is optimized closely, there\u2019s less tolerance for disruption, whether that\u2019s weather, service issues, or sudden demand changes.<\/p>\n\n\n\n<p>In those environments, rail networks are often asked to adapt quickly, even if overall shipment levels don\u2019t change much.<\/p>\n\n\n\n<p><strong>A Familiar Industry Story:<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Dow isn\u2019t alone<\/span>.<\/strong> Across industrial and chemical manufacturing, companies are cutting costs, simplifying operations, and trying to do more with less. These moves don\u2019t always make headlines in rail data, but they do influence how rail assets are used day-to-day.<\/p>\n\n\n\n<p>The result is a market where rail isn\u2019t just moving product from A to B, it\u2019s helping manage timing, pauses, and adjustments when plans don\u2019t line up perfectly.<\/p>\n\n\n\n<p>That dynamic continues to shape rail activity across the chemical sector, and Dow\u2019s announcement is another example of it playing out in real time.<\/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>Producer Price Index<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In December 2025, the Producer Price Index (PPI) for final demand rose 0.5% month over month, <\/span><\/strong>accelerating from the 0.2% increase in November and indicating firmer upstream inflation pressures to close the year. Core PPI (final demand less foods, energy, and trade services) increased 0.4% month over month, matching November\u2019s pace. The monthly increase was driven primarily by services, which rose 0.7%, while goods were unchanged (0.0%). Within goods, food prices declined 0.3% and energy prices fell 1.4%, while goods less food and energy increased 0.4%. Within services, trade margins rose 1.7%, transportation and warehousing increased 0.5%, and services excluding trade, transportation, and warehousing rose 0.3%.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In December 2025, the Consumer Price Index (CPI) increased 0.3% month over month<\/span>,<\/strong> matching November\u2019s gain, and was up 2.7% year over year, easing from the prior month. Core CPI (all items less food and energy) rose 0.2% month over month and was up 2.6% year over year. Shelter remained the largest contributor, increasing 0.4% for the month. Food prices rose 0.3%, with food at home up 0.4% and food away from home up 0.2%. Energy prices increased 0.4%, led by a 1.1% rise in gasoline prices.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"416\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-64.png\" alt=\"\" class=\"wp-image-19590\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-64.png 796w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-64-300x157.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-64-768x401.png 768w\" sizes=\"auto, (max-width: 796px) 100vw, 796px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><strong>Consumer Confidence<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The Index of Consumer Sentiment from the University of Michigan increased from 53.3 in December to 54.0 in January.<\/span><\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The Conference Board Consumer Confidence Index decreased from 94.2 in December to 84.5 in January.<\/span><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"830\" height=\"376\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-65.png\" alt=\"\" class=\"wp-image-19591\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-65.png 830w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-65-300x136.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/01\/image-65-768x348.png 768w\" sizes=\"auto, (max-width: 830px) 100vw, 830px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Lease Bids<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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>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>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.<\/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>\u201cThe power to question is the basis of all human progress.\u201d &#8211; Indira Gandhi Jobs Update Stocks closed lower on Friday of last week and mixed week-over-week The DOW closed lower on Friday of last week, down -179.09 points (-0.36%), closing out the week at 48,892.47, down -206.24 points week-over-week. The S&amp;P 500 closed lower [&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-19588","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 February 1, 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-2-2-2026\/\" \/>\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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