{"id":21439,"date":"2026-09-07T14:07:04","date_gmt":"2026-09-07T18:07:04","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=21439"},"modified":"2026-09-07T14:50:41","modified_gmt":"2026-09-07T18:50:41","slug":"pfl-railcar-report-9-7-2026","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-9-7-2026\/","title":{"rendered":"PFL Railcar Report 9-7-2026"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><strong><em>\u201cOne person with passion is better than 40 people merely interested.\u201d<\/em><\/strong><\/h6>\n\n\n\n<h6 class=\"wp-block-heading has-text-align-center\"><strong><em>\u2013 E.M. Forster<\/em><\/strong><\/h6>\n\n\n\n<center><iframe width=\"100%\" style=\"width: 100%; aspect-ratio: 16 \/ 9;\" src=\"https:\/\/www.youtube.com\/embed\/Isd3qIeL77A\" 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\n\n\n<h5 class=\"wp-block-heading has-text-align-center\"><strong><span style=\"text-decoration: underline;\">Jobs Update<\/span><\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Initial jobless claims seasonally adjusted for the week ending August 29, 2026 came in at 206,000<\/strong>, versus the adjusted number of 204,000 people from the week prior, up 2,000 people week over week.\u00a0<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"745\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image.png\" alt=\"\" class=\"wp-image-21440\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Continuing jobless claims came in at 1,779,000<\/strong>, versus the adjusted number of 1,771,000 people from the week prior, up 8,000 week-over-week.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"745\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-1.png\" alt=\"\" class=\"wp-image-21441\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-1.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/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 lower on Friday of last week, but mixed week-over-week<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The DOW closed lower on Friday of last week, down -271.86 points (-0.51%), closing out the week at 53,414.25,<\/strong> down -145.74 points week-over-week. <strong>The S&amp;P 500 closed lower on Friday of last week, down -29.11 points (-0.38%), and closed out the week at 7,718.60,<\/strong> up 6.84 points week-over-week. <strong>The NASDAQ closed lower on Friday of last week, down -77.07 points (-0.29%), and closed out the week at 26,506.99,<\/strong> up 104.57 points week-over-week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In overnight trading, DOW futures traded higher and are expected to open at ______ this morning, up\/down ______ points from Friday\u2019s close.<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Crude oil closed higher on Friday of last week and higher week-over-week<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>West Texas Intermediate (WTI) crude closed up 0.18 per barrel (0.2%), to close at $91.48<\/strong> on Friday of last week, and up $8.08 per barrel week-over-week. <strong>Brent crude closed up $0.76 per barrel<\/strong> (0.8%), to close at $92.68, and up $3.37 per barrel week-over-week.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.oneexchangecorp.com\/\"><strong>One Exchange WCS<\/strong><\/a> <strong>(Western Canadian Select) for October delivery settled on Friday of last week at US$16.75 below the WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average).<\/strong> The implied value was US$70.20 per barrel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.5 million barrels week-over-week.<\/strong> At 424.5 million barrels, U.S. crude oil inventories are 1% above the five-year average for this time of year.<strong>&nbsp;<\/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\/09\/image-2.png\" alt=\"\" class=\"wp-image-21442\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-2.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-2-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-2-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Total motor gasoline inventories decreased by 1.2 million barrels week-over-week.<\/strong> and are 5% 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\/09\/image-3.png\" alt=\"\" class=\"wp-image-21443\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-3.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-3-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-3-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Distillate fuel inventories increased by 796,000 barrels week-over-week.<\/strong> and are 14% 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\/09\/image-4.png\" alt=\"\" class=\"wp-image-21444\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-4.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-4-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-4-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Propane\/propylene inventories decreased by 2.1 million barrels week-over-week.<\/strong> and are 24% 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\/09\/image-5.png\" alt=\"\" class=\"wp-image-21445\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-5.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-5-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-5-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Propane prices closed at 68.7 cents per gallon on Friday of last week, down 4.1 cents per gallon week-over-week<\/strong>, but up 1.1 cents year-over-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\/09\/image-6.png\" alt=\"\" class=\"wp-image-21446\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-6.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-6-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-6-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u><br><\/u><\/strong><strong>Overall, total commercial petroleum inventories decreased by 3 million barrels week-over-week during the week ending August 28, 2026.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>U.S. crude oil imports averaged 6.8 million barrels per day during the week ending August 28, 2026<\/strong>, an increase of 612,000 barrels per day week-over-week. <strong>Total motor gasoline imports<\/strong> (including both finished gasoline and gasoline blending components) <strong>averaged 370,000 barrels per day, and distillate fuel imports averaged 113,000 barrels per day during the week ending August 28, 2026.<\/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\/09\/image-7.png\" alt=\"\" class=\"wp-image-21447\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-7.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-7-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-7-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>U.S. crude oil exports averaged 4.483 million barrels per day during the week ending August 28, 2026<\/strong>, an increase of 691,000 barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 3.85 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\/09\/image-8.png\" alt=\"\" class=\"wp-image-21448\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-8.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-8-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-8-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>U.S. crude oil refinery inputs averaged 17.5 million barrels per day during the week ending August 28, 2026<\/strong>, which was 103,000 barrels per day more week-over-week.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-9.png\" alt=\"\" class=\"wp-image-21449\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-9.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-9-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-9-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><strong><strong><span style=\"text-decoration: underline;\"><strong><strong><strong><strong><span style=\"text-decoration: underline;\"><strong><strong><span style=\"text-decoration: underline;\"><strong><strong><strong><strong><strong><strong>WTI is poised to open at $86.62, up $3.24 per barrel from Friday&#8217;s close.<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/strong><\/strong><\/span><\/strong><\/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<h5 class=\"wp-block-heading has-text-align-center\">Week Ending September 2, 2026:<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Total North American weekly rail volumes were up (+4.51%) in week 36, compared with the same week last year.<\/u><\/strong>&nbsp;Total Carloads for the week ending September 2, 2026 were 342,483, up (+3.65%) compared with the same week in 2025, while weekly Intermodal volume was 368,096, up (+5.33%) year over year. 9 of the AAR\u2019s 11 major traffic categories posted year-over-year increases. The largest decrease came from Chemicals (-5.71%). The largest increase was Metallic Ores and Metals (+14.41%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>In the East,&nbsp;<\/u><\/strong><strong><u>CSX\u2019s total volumes were up (+7.44%),<\/u><\/strong>&nbsp;with the largest decrease coming from Motor Vehicles and Parts (-8.39%), while the largest increase came from Grain (+26.00%).&nbsp;<strong><u>NS\u2019s total volumes were up (+0.54%),<\/u><\/strong>&nbsp;with the largest increase coming from Petroleum &amp; Petroleum Products (+14.18%), while the largest decrease came from Motor Vehicles and Parts (-8.58%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>In the West,&nbsp;<\/u><\/strong><strong><u>BNSF\u2019s total volumes were up (+5.98%),<\/u><\/strong>&nbsp;with the largest increase coming from Metallic Ores and Metals (+16.74%), while the largest decrease came from Other (-12.18%).&nbsp;<strong><u>UP\u2019s total volumes were up (+4.53%),<\/u><\/strong>&nbsp;with the largest increase coming from Grain (+16.11%), while the largest decrease came from Other (-17.64%).<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><strong><u>In Canada<\/u><\/strong>,&nbsp;<strong><u>CN\u2019s total volumes were up (+2.28%),<\/u><\/strong>&nbsp;with the largest increase coming from Nonmetallic Minerals (+23.73%), while the largest decrease came from Grain (-30.07%).&nbsp;<strong><u>CPKCS\u2019s total volumes were up (+6.29%),<\/u><\/strong>&nbsp;with the largest increase coming from Grain (+38.06%), while the largest decrease came from Chemicals (-14.62%).<\/p>\n\n\n\n<h6 class=\"wp-block-heading has-text-align-center\"><strong>Source Data: AAR &#8211; PFL Analytics<\/strong><\/h6>\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<p class=\"wp-block-paragraph\"><strong>North American rig count was down by -7 rigs week-over-week. The US rig count was unchanged week-over-week, but up by +51 rigs year-over-year.<\/strong> The US currently has 588 active rigs. <strong>Canada&#8217;s rig count was down by -7 rigs week-over-week but up by +23 rigs year-over-year.<\/strong> Canada currently has 204 active rigs. Overall, year-over-year we are up by +74 rigs collectively.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>International rig count which is reported monthly was up by +6 rigs month-over-month and up by +26 rigs year-over-year. Internationally there are 1102 active rigs.<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"326\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-13-1024x326.png\" alt=\"\" class=\"wp-image-21455\" style=\"aspect-ratio:3.14124847001224;width:776px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-13-1024x326.png 1024w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-13-300x96.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-13-766x244.png 766w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-13.png 1500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/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\/09\/image-14.png\" alt=\"\" class=\"wp-image-21456\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-14.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-14-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-14-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>We are watching a few things out there for you:<\/strong><\/h4>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Petroleum Carloads<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The four-week rolling average of petroleum carloads carried on the six largest North American railroads rose to 30,487 from 30,480 which was an increase of +7 rail cars week-over-week. Canadian volumes were lower.<\/strong> CN\u2019s shipments were lower by -1.0% week-over-week, CPKC\u2019s volumes were lower by -4.0% week-over-week. <strong>U.S. shipments were mostly higher<\/strong>. The UP was the sole decliner and was down by -11.0% week-over-week. The NS had the largest percentage increase and was up by +11.0% week-over-week.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch Our Strategic Petroleum Reserves&nbsp;<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The ongoing emergency drawdown of the U.S. Strategic Petroleum Reserve (SPR) remains a major component of global efforts to offset crude oil supply disruptions stemming from the conflict involving Iran and the continued restrictions on oil shipments through the Strait of Hormuz<\/strong>. Since March, the Department of Energy (DOE) has awarded exchanges covering more than 133 million barrels of crude oil, with additional releases expected as part of a broader international response coordinated through the International Energy Agency (IEA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The United States continues to execute its commitment to make available up to 172 million barrels from the SPR under the IEA&#8217;s collective plan to inject roughly 400 million barrels into global energy markets<\/strong>. Officials have argued that the releases are necessary to help stabilize crude supplies and limit further increases in fuel prices as refiners compete for replacement barrels amid ongoing transportation disruptions. The IEA&#8217;s coordinated action remains the largest emergency oil-stock release in the agency&#8217;s history.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>As releases have accelerated, inventories in the SPR have declined to 289.726 million barrels<\/strong>, down from 415.442 million barrels at the start of the conflict with Iran and reaching their lowest level since November 1982. The SPR declined by 3.122 million barrels during the week ending August 28, 2026. <strong>Since the first SPR drawdown began, the United States has withdrawn approximately 128.838 million barrels, equivalent to an average of roughly 800,236 barrels per day through the week ending on August 28, 2026.<\/strong><strong>&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Global petroleum inventories have also tightened considerably. The IEA has reported substantial draws in commercial crude and refined-product stockpiles across major consuming nations, underscoring the strain that the conflict has placed on world energy markets. While oil flows through the Strait of Hormuz have partially recovered from their initial near-shutdown, the IEA continues to identify significant uncertainty surrounding the pace and durability of the recovery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Administration continues to emphasize that the current program consists primarily of exchange agreements, rather than outright sales. Under these arrangements, companies receiving crude oil today are required to return the borrowed barrels in the future along with additional volumes as a premium. DOE has stated that its exchange structure is designed to return the borrowed crude with additional premium barrels, with the stated objective of strengthening the SPR over time.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"798\" height=\"460\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-10.png\" alt=\"\" class=\"wp-image-21450\" style=\"aspect-ratio:1.7315436241610738;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-10.png 798w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-10-300x173.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-10-767x442.png 767w\" sizes=\"auto, (max-width: 798px) 100vw, 798px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Railcars<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>TrinityRail Chief Commercial Officer Charley Moore put roughly 200,000 North American railcars at the end of their service lives over the next few years,<\/strong> against a total fleet of about 1.6 million. Public lessor utilization is running in the high 90s. Deliveries are tracking near 25,000 cars this year and Moore sees 30,000 to 35,000 in 2027. <strong>Even at the top of that 2027 range, a full year of production replaces about a sixth of the retirement wave.<\/strong> The fleet does not have to shrink dramatically for the market to tighten. It only has to stop being replaced on schedule, which is where we are.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tariffs are doing most of the damage to the build rate<\/strong>. Moore pointed to higher steel input costs and unresolved Section 232 treatment of cars crossing the U.S. &#8211; Mexico border as the reason customers keep pushing capital decisions to the right. Trinity maintains its Mexico &#8211; built cars qualify under USMCA and is working the question with Customs and Border Protection. <strong>Until that gets settled, every quote on a new car carries a duty, a question the builder cannot price and the lessee will not wear.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The tank car side is tighter than the headline number suggests.<\/strong> Railinc counted about 8.5% of the national fleet, roughly 135,000 cars, reaching maximum interchange life within five years, and tank cars were one of only two subfleets that grew in 2025. Shop capacity has not expanded to meet either the retirement schedule or the retrofit work already on the books. Renewals show: non-pressurized DOT-117s are clearing in the low four figures per car per-month on one-to-five-year terms, pressurized equipment carries a premium of several hundred dollars a month on top of that, and short-term deals are pricing above long-term ones across every car type, which is what a market without spare equipment looks like. <strong>It seems to us at PFL that anyone with cars rolling off lease in 2027 or 2028, is better served having that conversation now than discovering the market next year.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The network data says the same thing from the other direction. Tank cars on line across the six reporting Class I railroads averaged 257,281 in the week ended August 26th, up from 251,931 a year earlier and within a whisker of the July high. Cars are working, not sitting.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"419\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-15.png\" alt=\"\" class=\"wp-image-21465\" style=\"aspect-ratio:1.8650602409638555;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-15.png 781w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-15-300x161.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-15-768x412.png 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Crude by Rail<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Harvest Midstream cut the tariff on its Sacagawea pipeline into the Palermo rail terminal to $1.05 a barrel effective September 1st, a reduction of 25% to 28% from the uncommitted rate, available to shippers averaging more than 10,000 barrels per day out of Keene or Johnson\u2019s Corner and running through December 31st unless extended. <strong>A midstream operator does not discount a pipeline to defend a rail terminal unless the rail terminal is worth defending.<\/strong> Palermo moved about 46,000 barrels per day of Bakken crude west in June to Phillips 66\u2019s Ferndale, BP\u2019s Cherry Point and Marathon\u2019s Anacortes refineries, close to 30% of typical Bakken rail volumes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reason for the discount is diesel. On-highway prices feed straight into Class I fuel surcharges, and up 50% on the year they have pushed North Dakota to Puget Sound rail economics toward the edge against Canadian light barrels arriving on Trans Mountain\u2019s Puget Sound line and against waterborne imports. <strong>What Harvest has done is subsidize a rail lane with the pipeline that feeds it, and that is not a decision anyone makes about a business they expect to lose.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Alberta side is the longer story. Trans Mountain filed with the Canada Energy Regulator on August 27 for a 210,000 barrels per day Mainline Optimization project at an estimated C$3.97 billion, targeting in-service in the fourth quarter of 2028, on top of a 90,000 barrels per day drag-reducing agent expansion already approved. The system ran at a record 94% of capacity in the second quarter, averaging 840,000 barrels per day, and Enbridge has been apportioning the Mainline. <strong>Egress running at 94% with a three year construction runway in front of it is precisely the condition that put crude by rail on the map the first time.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WCS at Hardisty is holding a discount north of $16.75 to WTI at Houston, which clears the level where Alberta to Gulf coast rail works on paper. Paper is not the constraint. There are not many 117J crude cars sitting idle, build slots run one to two years out, and car owners and leasing companies want five year commitments before they will place equipment, with the Class Ones looking for something comparable. <strong>This could be the beginning of another crude by rail cycle if the trends hold. Time will tell and it is geopolitically dependent.<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch Enbridge<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Line 5 was still shut down on Friday of last week, more than a week after a parked and unoccupied subcontractor flatbed rolled into an open excavation at a valve project near Saxon, Wisconsin and struck the pipe. About 31,000 barrels of propane and butane vaporized into the atmosphere and another 2,000 barrels of liquid remained contained in the excavation. Enbridge has held to a September 5 restoration goal but on Wednesday of last week a new date for line start up would be Thursday of this week. <strong>The line moves up to 23 million gallons per day of light crude and natural gas liquids from Superior to Sarnia and feeds ten refineries and propane plants.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Wisconsin Department of Natural Resources asked Enbridge to halt work on the $1 billion, 41 mile reroute around the Bad River reservation and put more than 20 questions to the company on release volume, air modelling and groundwater depth. Enbridge took a 48-hour safety stand down on the relocation project starting Monday of last week and resumed construction Wednesday. <strong>Four notices of non-compliance have already been issued on the reroute and at least four drilling fluid releases have occurred, one of them up to 1,900 gallons in late June.<\/strong> Governor Gretchen Whitmer and Attorney General Dana Nessel have not softened on the Straits either.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The freight question is seasonal. Propane comes off the stream at Superior and at Rapid River, Michigan, and Rapid River supplies a large share of Upper Peninsula distributors. Ten days down in early September is an inconvenience. The same outage in December is a rail problem, because the substitute is Edmonton product moving in pressure cars to Escanaba and trucking from there, and pressure cars are the tightest corner of the tank car market right now. <strong>No public evidence has surfaced of a propane allocation, a terminal restriction or a refinery run cut, and until it does this stays an incident. It is not a supply event yet.<\/strong> We will keep our eye on this one as the heating season fast approaches.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch Diesel<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Gulf Coast ultra-low sulfur diesel crack against WTI settled at $107.35 a barrel on Tuesday of last week, a record on Energy Information Administration spot prices. Ten weeks earlier it was $58. <strong>Refiners ran at 98.0% utilization in the week ended August 28th, the highest since August 2018, and it still was not enough.<\/strong> Distillate stocks finished the month at 104.2 million barrels, down 10.1% from a year ago and the lowest August level since 1982. East Coast inventories sat at a record low 19.3 million barrels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exports are the reason the domestic barrel keeps disappearing. U.S. diesel and gasoil shipments hit a record 54.2 million barrels in August, roughly 34% of distillate production against about 25% a year ago, as the Gulf Coast covered for a Russian export ban running through September 30th and constrained Persian Gulf loadings. <strong>Retail diesel averaged $5.599 a gallon on Monday of last week, up $1.865 from a year earlier, a 50% increase in twelve months.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For rail this is a cost line and a demand line at the same time. Fuel surcharges reset higher into the fall freight peak and the harvest, and the same tightness pulls product tank cars into refined product and blendstock service that would otherwise be idle. <strong>A crack this wide does not stay this wide, but the refining system has no spare capacity to bring it down quickly, and that is a supply-side problem no drawdown fixes.<\/strong> PFL works with shippers moving refined products and blendstocks, and this is the sort of market where fleet timing matters more than fleet size.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The northeast walks into heating season short. Lower Atlantic coast ULSD inventories fell to roughly 6.3 million barrels last week, the lowest in more than 13 years, and New York area stocks at 9.9 million sat more than 27% below a year ago. Irving Oil\u2019s 320,000 barrels per day Saint John refinery, the largest in Canada and the biggest single source of diesel imports into the U.S. Atlantic coast, comes down on September 8th with mechanical work running to November 8th and a restart targeted for November 18th. <strong>New York Harbor barge ULSD reached $4.76 per gallon on Wednesday of last week, the highest since November 2022<\/strong>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"419\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-16.png\" alt=\"\" class=\"wp-image-21466\" style=\"aspect-ratio:1.8650602409638555;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-16.png 781w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-16-300x161.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-16-768x412.png 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch Left Wing Carney<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ottawa committed C$4.7 billion on Thursday of last week to build and maintain 313 VIA Rail passenger cars, announced by the Prime Minister in Thunder Bay alongside Alstom, the French manufacturer doing the work<\/strong>. The release put direct employment at 700 jobs in Ontario and Quebec. <strong>That is C$15.0 million per passenger car and C$6.7 million per job.<\/strong> Alstom will &#8220;maximize&#8221; the use of Canadian steel, a word carrying a great deal of weight in a week when steel on both sides of the border is about to get more expensive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Statistics Canada reported the following morning that the economy shed 42,000 jobs in August. Counter-tariffs on close to C$28 billion of U.S. goods take effect today, covering steel, appliances, agricultural equipment and pulp and paper, every one of them a carload commodity. The Prime Minister spent last week telling Washington to &#8220;start being serious,&#8221; which is a curious posture from the side that suspended the negotiations. <strong>Seven hundred assembly jobs in Thunder Bay do not offset 42,000 lost in a month, and the announcement was timed as though somebody hoped nobody would run the numbers.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Freight railroads in Canada get none of this. They get tariffed steel,<\/strong> a tank car and hopper fleet that ages regardless of who holds office, and counter-tariffs that raise the cost of every American-built component sitting in a Canadian repair shop. At the average price FreightCar America realized on its 2025 deliveries, C$4.7 billion buys close to 27,600 freight cars, roughly 90 for every passenger car in the VIA order and more equipment than the entire North American industry expects to build this year. <strong>Passenger cars in Thunder Bay make for a better photograph than a freight network that actually moves the economy.<\/strong> In our opinion, C$15 million a car is not industrial strategy. It is a press release with a purchase order attached:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"327\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-17.png\" alt=\"\" class=\"wp-image-21467\" style=\"aspect-ratio:2.388888888888889;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-17.png 781w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-17-300x126.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-17-767x321.png 767w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Continue to Watch the Merger<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Surface Transportation Board\u2019s chief counsel granted the National League of Cities an extension on Monday of last week, moving the deadline for local governments to file a notice of intent to participate in the Union Pacific and Norfolk Southern proceeding from September 4th to September 30th. <strong>Every extension pushes the procedural schedule further right, and the applicants are the only party in the docket paying for delay.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Union Pacific is not treating it as a setback. Chief executive Jim Vena told a Bernstein event on Tuesday of last week that the Board accepted the application on May 28th, starting the statutory twelve month clock, and that the railroad is now in the merits review. Chief financial officer Jennifer Hamann put a possible close in the third or fourth quarter of 2027. The schedule has opposing evidence due November 18th, final briefs on May 28, 2027, and a final decision within 90 days of the record closing. <strong>Vena\u2019s line on the extension, that they wanted it faster but would take the win, is the most revealing thing either applicant has said about this process in months.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The opposition has not thinned. Seven state attorneys general have moved to block, BNSF, CSX and CPKC are seeking outright dismissal, and a joint motion from AFPM, ACC, TFI, NITL and ACD remains live. The applicants told the Board in late August they had easily satisfied the prima facie threshold. <strong>Nothing filed since has made that a shorter argument.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Separately, the Eighth Circuit vacated the Board\u2019s Metra trackage rights decision against Union Pacific on the same Monday, finding that the Board properly determined the award served the public interest but erred by failing to set compensation terms. The panel remanded and gave the parties 180 days. The holding is narrow and it is about pricing, not authority. <strong>It is still a reminder that a reviewing court will look hard at how the Board prices what it hands out, and conditions are exactly what shippers will be demanding in a UP-NS approval.<\/strong> September 30 is the date we have circled.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching the EPA<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The EPA finalized its 2025 small refinery exemption decisions last Monday, granting full or partial relief to 29 of 34 petitioners and exempting 1.76 billion RINs from retirement.<\/strong> The 2025 compliance deadline moved from September 1st to October 1st, and the agency said it will propose reallocating 100% of the difference between projected and actual exempted volumes into the 2026 and 2027 obligations before the end of October. <strong>A 70% reallocation had been the working assumption, so the move to 100% puts roughly 770 million additional RINs of demand back into the next two compliance years.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Credits rallied hard on the announcement and then pulled back.<\/strong> &nbsp; D4 RINs closed out the day (and the week) at $2.19 per RIN, up 7 cents per RIN day-over-day, and up 4 cents per RIN week-over-week. Meanwhile, D6 RINs closed out the day (and the week) at $2.12 per RIN, up 4 cents per RIN day-over-day, and up 6 cents per RIN week-over-week.<strong>The relationship between D4 values and processing economics has broken down this year, with policy setting the price and crush margins along for the ride.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finalized volumes stand at 26.81 billion RINs for 2026 and 27.02 billion for 2027, the highest in the program\u2019s history. Higher obligations mean more physical gallons, and physical gallons move in tank cars. <strong>The October reallocation proposal, not the daily RIN print, is what sets ethanol and biodiesel tank car demand through the 2027 compliance year.<\/strong> We work with shippers on ethanol and biodiesel fleets and this is the calendar item we have marked.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-18-1024x512.png\" alt=\"\" class=\"wp-image-21468\" style=\"aspect-ratio:2;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-18-1024x512.png 1024w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-18-300x150.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-18-768x384.png 768w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-18.png 1050w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\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<h5 class=\"wp-block-heading has-text-align-center\"><strong>Purchasing Managers Index (PMI)<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">The Institute for Supply Management (ISM) releases two PMI reports each month\u2014one covering manufacturing and the other covering services. These reports are based on surveys of supply managers across the country and measure changes in business activity. A reading above 50% indicates expansion, while a reading below 50% signals contraction, with the pace of change increasing as the index moves farther from 50.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Manufacturing PMI registered 54.6% in August 2026<\/strong>, down from 55.6% in July, but still marking the eighth consecutive month of expansion. While the pace of growth moderated from July&#8217;s strongest reading since May 2022, manufacturing activity remained solidly in expansion territory. The New Orders Index declined to 53.7% from 56.7% in July, indicating slower yet continued growth in demand, while elevated input costs and supply-chain pressures remained ongoing concerns for manufacturers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Services PMI registered 55.4% in August 2026<\/strong>, up from 54.1% in July and marking the 26th consecutive month of expansion. Growth accelerated across the sector, with the Business Activity Index rising to 61.7% and the New Orders Index jumping to 60.9%, its highest reading since February 2023. However, employment remained in contraction territory at 47.8%, while the Prices Index increased to 72.6%, highlighting continued inflationary and operating cost pressures. Overall, the report indicates that the U.S. services sector continues to expand at an accelerating pace despite persistent hiring and cost challenges.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"420\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-11.png\" alt=\"\" class=\"wp-image-21451\" style=\"aspect-ratio:1.9017199017199018;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-11.png 800w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-11-300x158.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-11-768x403.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n<\/div>\n\n\n<h5 class=\"wp-block-heading has-text-align-center\"><strong>U.S. Unemployment<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>On September 4, the U.S. Bureau of Labor Statistics (BLS) reported that a preliminary 162,000 net new jobs were created in August 2026<\/strong>, marking a significant rebound from the weak job growth reported earlier in the summer. The BLS also revised employment figures for the prior two months upward, adding a combined 55,000 jobs to June and July totals. June was revised up from 20,000 to 31,000 new jobs, while July was revised from a loss of 23,000 jobs to a gain of 21,000 jobs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>According to the BLS, total nonfarm payroll employment has increased by approximately 214,000 jobs<\/strong> over the last three months (June through August 2026). The official unemployment rate remained unchanged at 4.1% in August, while the labor force participation rate edged up to 61.6%, indicating that the labor market strengthened considerably following the slowdown seen earlier in the summer.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"420\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-12.png\" alt=\"\" class=\"wp-image-21452\" style=\"aspect-ratio:1.9017199017199018;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-12.png 800w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-12-300x158.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/09\/image-12-768x403.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n<\/div>\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>20-50, 4000-5000 Covered Hoppers located off of UP or BNSF in Houston. For use in Urea, Potash, and&nbsp; Ammonium Sulfate service. Period: 6-12 Months.<\/li>\n\n\n\n<li>30-50, 25.5K DOT 111 Tanks located off of All Class 1s in various locations. For use in Asphalt service. Period: 1-3 Years.<\/li>\n\n\n\n<li>40, 29K DOT 111 Tanks located off of UP or BNSF in the Midwest. For use in Veg Oil service. Period: 5 Year.<\/li>\n\n\n\n<li>20, DOT 117J Tanks located off of NS, CSX, CN, or CPKC in various locations. For use in C5 service. Period: 1 year. Need gauge rods.<\/li>\n\n\n\n<li>300, 5200CF Covered Hoppers located off of CP or CM in Canada. For use in Petcoke service. Period: 3 Year.<\/li>\n\n\n\n<li>10, 30K 117J Tanks located off of BNSF in Canada. For use in Propane or Butane service. Period: 3 Year.<\/li>\n\n\n\n<li>20, 28K or larger 117J Tanks located off of BNSF or UP in California. For use in Crude service. Period: 6 months.<\/li>\n\n\n\n<li>75, 30K DOT 117 Tanks located off of NS in Ohio. For use in Condensate service. Period: 6-12 Months. Mag Rods Not Needed.<\/li>\n\n\n\n<li>100, 28.3K DOT 111 or 117 Tanks located off of CP or CN in Canada. For use in VGO service. Period: 1-3 Years.<\/li>\n\n\n\n<li>5, 28.3K DOT 111 or 117 Tanks located off of CN in Canada. For use in Bitumen service. Period: Trip Lease.<\/li>\n\n\n\n<li>5-10, 25.5K DOT 111 Tanks located off of CN in Canada. For use in Caustic service. Period: 3-6 Months.<\/li>\n\n\n\n<li>100, 340W Pressure Tank located off of CN or CP in Canada. For use in Propane service. Period: 6 Months.<\/li>\n\n\n\n<li>10-20, 3200 or 3281 Covered Hoppers located off of CN or CP in Canada. For use in Sodium Sulphate service. Period: 3-5 years. Lined.<\/li>\n\n\n\n<li>50, 340W Pressure Tanks located off of CN or CP in Canada. For use in Propane service. Period: Winter.<\/li>\n\n\n\n<li>30-50, 340W pressure Tanks located off of NS or CSX in Northeast U.S. For use in Propane service. Period: Winter.<\/li>\n\n\n\n<li>25, 340W Pressure Tanks located off of UP or BN in US. For use in Propane service. Period: Winter.<\/li>\n\n\n\n<li>50, 28.3K 117J Tanks located off of BNSF in Kansas\/Oklahoma. For use in Fuel Oil service. Period: 6 Months.<\/li>\n\n\n\n<li>100, 30K 117J Tanks located off of CN in Canada. For use in Diesel service. Period: 1 year.<\/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 Covered Hoppers located off of UP or BNSF in Texas. For use in Cement service. Cement Gates needed.<\/li>\n\n\n\n<li>20, 17K DOT111 Tanks located off of various class 1s in various locations. For use in corn syrup service.<\/li>\n\n\n\n<li>120, Various Open-Top Aluminum Rotary Gondolas located off of various class 1s in various locations. For use in Sulphur service. Built 2004 or later.<\/li>\n\n\n\n<li>12, 21.5K-25K DOT 111 Tanks located off of Various Class 1s in Michigan. For use in Diesel, Asphalt, Crude service. Coiled and Insulated.<\/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>21, 6351 Covered Hoppers located off of CN in Wisconsin. Last used in DDG. Available until February 2027.<\/li>\n\n\n\n<li>29, 6500 Covered Hoppers located off of CN in Wisconsin. Last used in DDG. Available until February 2027.<\/li>\n\n\n\n<li>15, 6200CF Covered Hoppers located off of all class 1s in Wisconsin. Last used in plastic. Cars are currently clean.<\/li>\n\n\n\n<li>30, 6500CF Covered Hoppers located off of all class 1s in Wisconsin. Last used in plastic. Cars are currently clean.<\/li>\n\n\n\n<li>100, 28.4K DOT 117J Tanks located off of UP or BNSF in Beaumont, TX. Cars are currently clean.<\/li>\n\n\n\n<li>50, 30K DOT117J Tanks located off of UP or BNSF in the South. Last used in ethanol.<\/li>\n\n\n\n<li>10, 29K DOT 117R Tanks located off of BNSF and UP in Texas. Last used in gasoline additive. Coiled and Insulated.<\/li>\n\n\n\n<li>39, 31K CPC1232 Tanks located off of All Class 1s in Iowa. Last used in diesel.<\/li>\n\n\n\n<li>2, 30K DOT 117R Tanks located off of BNSF and UP in Texas. Last used in Diesel.<\/li>\n\n\n\n<li>1, 30K DOT 117R Tanks located off of BNSF and UP in Texas. Last used in gas blend stock.<\/li>\n\n\n\n<li>3, 30K DOT 117R Tanks located off of BNSF and UP in Texas. Last used in gasoline.<\/li>\n\n\n\n<li>41, 30K DOT 111 Tanks located off of in Brownsville. Last used in Diesel. Cars are currently clean.<\/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>81, 31.8K CPC1232 Tanks located off of UP or BNSF in TX. Last used in Multiple Services. Requal Due in 2025.<\/li>\n\n\n\n<li>35, 3400CF Covered Hoppers located off of UP or BNSF in the Midwest. Last used in Sand.<\/li>\n\n\n\n<li>25, 30K 117J Tanks located off of CSX in Jackson, TN. Last used in Fuels. Newly Requalified.<\/li>\n\n\n\n<li>15, 5750 CF Hopper located off of CSX, NS, CP, CN, BNSF, UP in St Louis. Last used in Grain.<\/li>\n\n\n\n<li>50, 30 DOT 111 Tank located off of multiple class 1s in multiple location. Last used in Fuels.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><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    .pfl-wp-markets {\r\n        --navy: #071d46;\r\n        --blue: #1769e0;\r\n        --sky: #e7f1ff;\r\n        --line: #dbe5f0;\r\n        width: 100% !important;\r\n        max-width: none !important;\r\n        margin: 0;\r\n        color: #17243a;\r\n        font-family: Lato, \"DM Sans\", Arial, sans-serif;\r\n    }\r\n\r\n    .pfl-wp-markets * {\r\n        box-sizing: border-box;\r\n    }\r\n\r\n    .pfl-wp-markets h3 {\r\n        margin: 0 0 20px;\r\n        color: var(--navy);\r\n        font-size: 28px;\r\n        font-weight: 800;\r\n        text-align: center;\r\n    }\r\n\r\n    .pfl-wp-market-panel {\r\n        width: 100% !important;\r\n        max-width: none !important;\r\n        overflow: hidden;\r\n        border: 1px solid var(--line);\r\n        border-radius: 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pointer;\r\n    }\r\n\r\n    .pfl-wp-markets .pfl-wp-market-tab:hover {\r\n        background: #e6ebf2 !important;\r\n        color: var(--navy) !important;\r\n    }\r\n\r\n    .pfl-wp-markets .pfl-wp-market-tab.is-active {\r\n        background: #ffffff !important;\r\n        color: var(--navy) !important;\r\n        box-shadow: 0 2px 9px rgba(13, 38, 78, 0.15) !important;\r\n    }\r\n\r\n    .pfl-wp-table-wrap {\r\n        display: none;\r\n        width: 100% !important;\r\n        max-width: none !important;\r\n        max-height: 520px;\r\n        overflow: auto;\r\n    }\r\n\r\n    .pfl-wp-table-wrap.is-active {\r\n        display: block;\r\n    }\r\n\r\n    .pfl-wp-market-table {\r\n        width: 100% !important;\r\n        min-width: 1040px;\r\n        margin: 0;\r\n        border: 0;\r\n        border-collapse: separate;\r\n        border-spacing: 0;\r\n        background: #ffffff;\r\n        font-size: 13px;\r\n    }\r\n\r\n    .pfl-wp-market-table thead th {\r\n        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    }\r\n    }\r\n\t.pfl-rm-single .entry-content .pfl-wp-markets {\r\n    width: calc(100% + 72px) !important;\r\n    max-width: none !important;\r\n    margin-right: -36px !important;\r\n    margin-left: -36px !important;\r\n}\r\n\r\n.pfl-rm-single .entry-content .pfl-wp-market-panel {\r\n    border-right: 0;\r\n    border-left: 0;\r\n    border-radius: 0;\r\n}\r\n\r\n@media (max-width: 760px) {\r\n    .pfl-rm-single .entry-content .pfl-wp-markets {\r\n        width: calc(100% + 48px) !important;\r\n        margin-right: -24px !important;\r\n        margin-left: -24px !important;\r\n    }\r\n}\r\n<\/style>\r\n\r\n<section class=\"pfl-wp-markets\" aria-labelledby=\"pfl-wp-markets-title\">\r\n    <h3 id=\"pfl-wp-markets-title\">Railcar for Sale or Lease<\/h3>\r\n\r\n    <div class=\"pfl-wp-market-panel\">\r\n        <div class=\"pfl-wp-market-tools\">\r\n            <div class=\"pfl-wp-market-tabs\" role=\"tablist\" aria-label=\"Railcar markets\">\r\n                <button\r\n                    type=\"button\"\r\n                    class=\"pfl-wp-market-tab is-active\"\r\n                    role=\"tab\"\r\n                    aria-selected=\"true\"\r\n                    aria-controls=\"pflLeaseOffers\"\r\n                    data-table=\"pflLeaseOffers\"\r\n                >\r\n                    Lease Offers\r\n                <\/button>\r\n\r\n                <button\r\n                    type=\"button\"\r\n                    class=\"pfl-wp-market-tab\"\r\n                    role=\"tab\"\r\n                    aria-selected=\"false\"\r\n                    aria-controls=\"pflLeaseBids\"\r\n                    data-table=\"pflLeaseBids\"\r\n                >\r\n                    Lease Bids\r\n                <\/button>\r\n\r\n                <button\r\n                    type=\"button\"\r\n                    class=\"pfl-wp-market-tab\"\r\n                    role=\"tab\"\r\n                    aria-selected=\"false\"\r\n                    aria-controls=\"pflSalesOffers\"\r\n                    data-table=\"pflSalesOffers\"\r\n                >\r\n                    Sales Offers\r\n                <\/button>\r\n\r\n                <button\r\n                    type=\"button\"\r\n                    class=\"pfl-wp-market-tab\"\r\n                    role=\"tab\"\r\n                    aria-selected=\"false\"\r\n                    aria-controls=\"pflSalesBids\"\r\n                    data-table=\"pflSalesBids\"\r\n                >\r\n                    Sales Bids\r\n                <\/button>\r\n            <\/div>\r\n        <\/div>\r\n\r\n        <div\r\n            id=\"pflLeaseOffers\"\r\n            class=\"pfl-wp-table-wrap is-active\"\r\n            role=\"tabpanel\"\r\n        >\r\n            <table class=\"pfl-wp-market-table\">\r\n                <thead>\r\n                    <tr>\r\n                        <th>CAT<\/th>\r\n                        <th>Type<\/th>\r\n                        <th>Capacity<\/th>\r\n                        <th>GRL<\/th>\r\n                        <th>QTY<\/th>\r\n                        <th>LOC<\/th>\r\n                        <th>Class<\/th>\r\n                        <th>Prev. Use<\/th>\r\n                        <th>Offer<\/th>\r\n                        <th>Note<\/th>\r\n                    <\/tr>\r\n                <\/thead>\r\n                <tbody><\/tbody>\r\n            <\/table>\r\n        <\/div>\r\n\r\n        <div\r\n            id=\"pflLeaseBids\"\r\n            class=\"pfl-wp-table-wrap\"\r\n            role=\"tabpanel\"\r\n            hidden\r\n        >\r\n            <table class=\"pfl-wp-market-table\">\r\n                <thead>\r\n                    <tr>\r\n                        <th>CAT<\/th>\r\n                        <th>Type<\/th>\r\n                        <th>Size<\/th>\r\n                        <th>GRL<\/th>\r\n                        <th>QTY<\/th>\r\n                        <th>LOC<\/th>\r\n                        <th>Class<\/th>\r\n                        <th>Term<\/th>\r\n                        <th>Commodity<\/th>\r\n                        <th>Offer<\/th>\r\n                        <th>Note<\/th>\r\n                    <\/tr>\r\n                <\/thead>\r\n                <tbody><\/tbody>\r\n            <\/table>\r\n        <\/div>\r\n\r\n        <div\r\n            id=\"pflSalesOffers\"\r\n            class=\"pfl-wp-table-wrap\"\r\n            role=\"tabpanel\"\r\n            hidden\r\n        >\r\n            <table class=\"pfl-wp-market-table\">\r\n                <thead>\r\n                    <tr>\r\n                        <th>CAT<\/th>\r\n                        <th>Type<\/th>\r\n                        <th>Capacity<\/th>\r\n                        <th>GRL<\/th>\r\n                        <th>QTY<\/th>\r\n                        <th>LOC<\/th>\r\n                        <th>Class<\/th>\r\n                        <th>Prev. Use<\/th>\r\n                        <th>Clean<\/th>\r\n                        <th>Offer<\/th>\r\n                        <th>Note<\/th>\r\n                    <\/tr>\r\n                <\/thead>\r\n                <tbody><\/tbody>\r\n            <\/table>\r\n        <\/div>\r\n\r\n        <div\r\n            id=\"pflSalesBids\"\r\n            class=\"pfl-wp-table-wrap\"\r\n            role=\"tabpanel\"\r\n            hidden\r\n        >\r\n            <table class=\"pfl-wp-market-table\">\r\n                <thead>\r\n                    <tr>\r\n                        <th>CAT<\/th>\r\n                        <th>Type<\/th>\r\n                        <th>Capacity<\/th>\r\n                        <th>GRL<\/th>\r\n                        <th>QTY<\/th>\r\n                        <th>LOC<\/th>\r\n                        <th>Class<\/th>\r\n                        <th>Commodity<\/th>\r\n                        <th>Offer<\/th>\r\n                        <th>Note<\/th>\r\n                    <\/tr>\r\n                <\/thead>\r\n                <tbody><\/tbody>\r\n            <\/table>\r\n        <\/div>\r\n    <\/div>\r\n<\/section>\r\n\r\n<script>\r\n(() => {\r\n    const root = document.querySelector(\".pfl-wp-markets\");\r\n\r\n    if (!root) {\r\n        return;\r\n    }\r\n\r\n    const endpoints = {\r\n        pflLeaseOffers:\r\n            \"https:\/\/manifest.pflpetroleum.com\/api\/lease_offer.php\",\r\n        pflLeaseBids:\r\n            \"https:\/\/manifest.pflpetroleum.com\/api\/lease_bids.php\",\r\n        pflSalesOffers:\r\n            \"https:\/\/manifest.pflpetroleum.com\/api\/sales_offer.php\",\r\n        pflSalesBids:\r\n            \"https:\/\/manifest.pflpetroleum.com\/api\/sales_bids.php\"\r\n    };\r\n\r\n    const tabs = root.querySelectorAll(\".pfl-wp-market-tab\");\r\n    const panels = root.querySelectorAll(\".pfl-wp-table-wrap\");\r\n\r\n    tabs.forEach(button => {\r\n        button.addEventListener(\"click\", () => {\r\n            tabs.forEach(tab => {\r\n                const active = tab === button;\r\n\r\n                tab.classList.toggle(\"is-active\", active);\r\n                tab.setAttribute(\r\n                    \"aria-selected\",\r\n                    active ? \"true\" : \"false\"\r\n                );\r\n            });\r\n\r\n            panels.forEach(panel => {\r\n                const active = panel.id === button.dataset.table;\r\n\r\n                panel.classList.toggle(\"is-active\", active);\r\n                panel.hidden = !active;\r\n            });\r\n        });\r\n    });\r\n\r\n    const showState = (panel, message) => {\r\n        const tbody = panel.querySelector(\"tbody\");\r\n        const row = tbody.insertRow();\r\n        const cell = row.insertCell();\r\n\r\n        cell.colSpan = panel.querySelectorAll(\"th\").length;\r\n        cell.className = \"pfl-wp-market-state\";\r\n        cell.textContent = message;\r\n    };\r\n\r\n    const loadTable = async (panelId, url) => {\r\n        const panel = root.querySelector(\"#\" + panelId);\r\n        const tbody = panel.querySelector(\"tbody\");\r\n\r\n        try {\r\n            const response = await fetch(url);\r\n\r\n            if (!response.ok) {\r\n                throw new Error(\"HTTP \" + response.status);\r\n            }\r\n\r\n            const data = await response.json();\r\n\r\n            tbody.replaceChildren();\r\n\r\n            (Array.isArray(data) ? data : []).forEach(item => {\r\n                const row = document.createElement(\"tr\");\r\n\r\n                Object.values(item).forEach(value => {\r\n                    const cell = document.createElement(\"td\");\r\n\r\n                    cell.textContent =\r\n                        value === null ||\r\n                        value === undefined ||\r\n                        value === \"\" ||\r\n                        value === \"N\/A\"\r\n                            ? \"\u2014\"\r\n                            : String(value);\r\n\r\n                    row.appendChild(cell);\r\n                });\r\n\r\n                tbody.appendChild(row);\r\n            });\r\n\r\n            if (!tbody.children.length) {\r\n                showState(\r\n                    panel,\r\n                    \"No published listings are currently available.\"\r\n                );\r\n            }\r\n        } catch (error) {\r\n            tbody.replaceChildren();\r\n\r\n            showState(\r\n                panel,\r\n                \"Market data could not be loaded. Please contact PFL for current availability.\"\r\n            );\r\n\r\n            console.error(\"PFL market data error:\", error);\r\n        }\r\n    };\r\n\r\n    Object.entries(endpoints).forEach(([panelId, url]) => {\r\n        loadTable(panelId, url);\r\n    });\r\n})();\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\/06\/SWARS-Arlington-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: Loews Arlington Hotel<\/li>\r\n\t\t<li>Attending: Brian Baker (239.297.4519), David Cohen (954-729-4774), and Curtis Chandler (239-405-3365) <\/li>\r\n\t\t<li><a href=\"https:\/\/www.swrailshippers.com\/event\/2026-semi-annual-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conference Website<\/a><\/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\/06\/AAR-Dallas-2026.jpg\" alt=\"AARs\" class=\"wp-image-11405\"\/>\r\n<\/figure>\r\n<font color=\"black\">\r\n\t<ul>\r\n\t\t<li>Where: The Westin Galleria Dallas<\/li>\r\n\t\t<li>Attending: David Cohen (954-729-4774), and Curtis Chandler (239-405-3365) <\/li>\r\n\t\t<li><a href=\"https:\/\/www.aar.org\/issue\/aar-tank-car-committee\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conference Website<\/a><\/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\/06\/SEARS-Norfolk-2026.jpg\" alt=\"sears\" class=\"wp-image-11405\"\/>\r\n<\/figure>\r\n<font color=\"black\">\r\n\t<ul>\r\n\t\t<li>Where: The Westin Galleria Dallas<\/li>\r\n\t\t<li>Attending: Brian Baker (239.297.4519) <\/li>\r\n\t\t<li><a href=\"https:\/\/www.serailshippers.com\/event\/sears-fall-2026-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conference Website<\/a><\/li>\r\n\t<\/ul>\r\n<\/font>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cOne person with passion is better than 40 people merely interested.\u201d \u2013 E.M. Forster Jobs Update Initial jobless claims seasonally adjusted for the week ending August 29, 2026 came in at 206,000, versus the adjusted number of 204,000 people from the week prior, up 2,000 people week over week.\u00a0 Continuing jobless claims came in at [&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-21439","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 v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Railcar Market Report for September 7, 2026<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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