{"id":20480,"date":"2026-05-13T16:07:00","date_gmt":"2026-05-13T20:07:00","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=20480"},"modified":"2026-05-13T16:44:35","modified_gmt":"2026-05-13T20:44:35","slug":"petroleum-daily-report-5-13-2026","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-5-13-2026\/","title":{"rendered":"Petroleum Daily Report 5-13-2026"},"content":{"rendered":"\n

Brent crude settled down $2.14, or 2.0%, at $105.63 per barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.16, or 1.1%, to $101.02. The decline followed a strong rally earlier in the week that had been driven by fading hopes for a durable U.S.-Iran ceasefire and continued supply disruptions in the Gulf region.<\/p>\n\n\n\n

Markets came under pressure after comments from Boston Federal Reserve President Susan Collins suggested the Federal Reserve may still need to raise interest rates if inflation remains elevated. Higher oil prices have already begun feeding into broader inflation measures, with U.S. producer prices posting their largest monthly increase in four years and consumer inflation accelerating for a second consecutive month.<\/p>\n\n\n\n

Rising interest rate expectations weighed on crude because tighter monetary policy could slow economic growth and reduce fuel demand. Investors increasingly worry that prolonged high energy costs could begin weakening broader economic activity both in the United States and globally.<\/p>\n\n\n\n

Attention also remained focused on the high-level summit in Beijing between U.S. President Donald Trump and Chinese President Xi Jinping. While the talks are expected to cover a range of economic and geopolitical issues, markets are closely monitoring whether China could play any role in future negotiations involving Iran. China remains the largest buyer of Iranian oil despite ongoing U.S. sanctions pressure.<\/p>\n\n\n\n

Despite Wednesday\u2019s decline, underlying supply conditions remain tight. OPEC lowered its outlook for global oil demand growth in 2026, while the International Energy Agency warned that global oil supply may still struggle to meet demand this year because of disruptions tied to the Middle East conflict.<\/p>\n\n\n\n

U.S. inventory data also continued to reflect tightening balances. Crude and gasoline stockpiles both fell by more than expected last week, signaling continued strength in fuel consumption and exports despite elevated prices. Those inventory draws briefly supported oil prices earlier in the session before macroeconomic concerns took over.<\/p>\n\n\n\n

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