{"id":21647,"date":"2026-10-04T12:15:22","date_gmt":"2026-10-04T16:15:22","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=21647"},"modified":"2026-10-05T08:22:03","modified_gmt":"2026-10-05T12:22:03","slug":"pfl-railcar-report-10-5-2026","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-10-5-2026\/","title":{"rendered":"PFL Railcar Report 10-5-2026"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><strong><em>\u201cWorry never robs tomorrow of its sorrow, it only saps today of its joy.\u201d<\/em><\/strong> &#8211; <strong><em>Leo Buscaglia<\/em><\/strong><\/h6>\n\n\n\n<center><iframe width=\"100%\" style=\"width: 100%; aspect-ratio: 16 \/ 9;\" src=\"https:\/\/www.youtube.com\/embed\/3ApIZtLssiI\" 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 September 26, 2026 came in at 197,000<\/strong>, versus the adjusted number of 198,000 people from the week prior, down 1,000 people 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\/10\/image-14.png\" alt=\"\" class=\"wp-image-21665\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-14.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-14-300x161.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 1,701,000<\/strong>, versus the adjusted number of 1,712,000 people from the week prior, down 11,000 people 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\/10\/image-15.png\" alt=\"\" class=\"wp-image-21666\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-15.png 745w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-15-300x161.png 300w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Stocks closed higher on Friday of last week, but mixed week-over-week<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The DOW closed higher on Friday of last week, up 250.40 points (0.49%), closing out the week at 51,176.96,<\/strong> down -651.66 points week-over-week. <strong>The S&amp;P 500 closed higher on Friday of last week, up 56.27 points (0.73%), and closed out the week at 7,722.72,<\/strong> down -20.69 points week-over-week. <strong>The NASDAQ closed higher on Friday of last week, up 319.27 points (1.19%), and closed out the week at 27,190.86,<\/strong> up 122.14 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 51,371 this morning, down 105 points from Friday\u2019s close.<\/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 lower week-over-week<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>West Texas Intermediate (WTI) crude closed down -$1.76 per barrel (-1.9%), to close at $91.11<\/strong> on Friday of last week, and down $1.30 per barrel week-over-week. <strong>Brent crude closed down -$0.06 per barrel<\/strong> (-0.06%), to close at $102.25, and down $2.07 per barrel week-over-week.<\/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 November delivery settled on Friday of last week at US$24.50 below the WTI-CMA (West Texas Intermediate \u2013 Calendar Month Average).<\/strong> The implied value was US$64.74 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) increased by 922,000 barrels week-over-week.<\/strong> At 427.3 million barrels, U.S. crude oil inventories are 2% 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\/10\/image-16.png\" alt=\"\" class=\"wp-image-21667\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-16.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-16-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-16-767x395.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 1.7 million barrels week-over-week.<\/strong> and are 7% below the five-year average for this time of year.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-17.png\" alt=\"\" class=\"wp-image-21668\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-17.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-17-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-17-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Distillate fuel inventories decreased by 2.3 million barrels week-over-week.<\/strong> and are 13% 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\/10\/image-18.png\" alt=\"\" class=\"wp-image-21669\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-18.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-18-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-18-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Propane\/propylene inventories increased by 1.8 million barrels week-over-week.<\/strong> and are 19% 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\/10\/image-19.png\" alt=\"\" class=\"wp-image-21670\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-19.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-19-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-19-767x395.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 87.8 cents per gallon on Friday of last week, up 1.8 cents per gallon week-over-week<\/strong>, and up 17.9 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\/10\/image-20.png\" alt=\"\" class=\"wp-image-21671\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-20.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-20-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-20-767x395.png 767w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u><br>Overall, total commercial petroleum inventories decreased by 7 million barrels week-over-week<\/u><\/strong> during the week ending September 25, 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>U.S. crude oil imports averaged 5.7 million barrels per day during the week ending September 25, 2026<\/u><\/strong>, <strong><u>a decrease of 179,000 barrels per day week-over-week.<\/u><\/strong> <strong><u>Total motor gasoline imports<\/u><\/strong> (including both finished gasoline and gasoline blending components) <strong><u>averaged 500,000 barrels per day, and distillate fuel imports averaged 153,000 barrels per day during the week ending September 25, 2026<\/u><\/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\/10\/image-21.png\" alt=\"\" class=\"wp-image-21672\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-21.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-21-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-21-767x395.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 3.57 million barrels per day during the week ending September 25, 2026<\/strong>, an increase of 289,000 barrels per day week-over-week. Over the past four weeks, crude oil exports averaged 3.775 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\/10\/image-22.png\" alt=\"\" class=\"wp-image-21673\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-22.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-22-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-22-767x395.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 16.3 million barrels per day during the week ending September 25, 2026<\/strong>, which was 554,000 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\/10\/image-23.png\" alt=\"\" class=\"wp-image-21674\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-23.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-23-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-23-767x395.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 $90.61, down $0.50 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 30, 2026:<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Total North American weekly rail volumes were up (+5.16%) in week 40, compared with the same week last year.<\/u><\/strong> Total Carloads for the week ending September 30, 2026 were 338,406, up (+3.62%) compared with the same week in 2025, while weekly Intermodal volume was 366,765, up (+6.62%) year over year. 9 of the AAR\u2019s 11 major traffic categories posted year-over-year increases. The largest decrease came from Motor Vehicles and Parts (-5.66%). The largest increase was Grain (+13.08%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>In the East,<\/u><\/strong> <strong><u>CSX\u2019s total volumes were up (+3.63%),<\/u><\/strong> with the largest decrease coming from Chemicals (-3.75%), while the largest increase came from Grain (+19.80%). <strong><u>NS\u2019s total volumes were up (+6.51%),<\/u><\/strong> with the largest increase coming from Metallic Ores and Metals (+18.42%), while the largest decrease came from Farm Products (-9.64%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>In the West,<\/u><\/strong> <strong><u>BNSF\u2019s total volumes were up (+4.42%),<\/u><\/strong> with the largest increase coming from Metallic Ores and Metals (+19.95%), while the largest decrease came from Coal (-9.87%). <strong><u>UP\u2019s total volumes were up (+10.32%),<\/u><\/strong> with the largest increase coming from Grain (+19.92%), while the largest decrease came from Farm Products (-7.96%).<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><strong><u>In Canada<\/u><\/strong>, <strong><u>CN\u2019s total volumes were down (-5.21%),<\/u><\/strong> with the largest increase coming from Grain (+35.73%), while the largest decrease came from Intermodal Units (-18.66%). <strong><u>CPKCS\u2019s total volumes were down (-1.92%),<\/u><\/strong> with the largest increase coming from Grain (+47.66%), while the largest decrease came from Motor Vehicles and Parts (-32.28%).<\/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 up by +7 rigs week-over-week. The U.S. rig count was down by -1 rig week-over-week, but up by +49 rigs year-over-year.<\/strong> The U.S. currently has 598 active rigs. <strong>Canada&#8217;s rig count was up by +8 rigs week-over-week and up by +26 rigs year-over-year.<\/strong> Canada currently has 216 active rigs. Overall, year-over-year we are up by +75 rigs collectively.<\/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\/10\/image-24-1024x326.png\" alt=\"\" class=\"wp-image-21683\" style=\"aspect-ratio:3.1411535806188415;width:776px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-24-1024x326.png 1024w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-24-300x96.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-24-766x244.png 766w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-24.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\/10\/image-25.png\" alt=\"\" class=\"wp-image-21684\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-25.png 777w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-25-300x154.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-25-767x395.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 30,273 from 30,125 which was a increase of +148 rail cars week-over-week. Canadian volumes were mixed.<\/strong> CPKC\u2019s shipments were lower by -4.0% week-over-week, CN\u2019s volumes were higher by +2.0% week-over-week. <strong>U.S. shipments were also mixed<\/strong>. The NS had the largest percentage increase and was up by +6.0% week-over-wee<em>k.<\/em> The BNSF had the largest percentage decrease and was down by -7.0%<\/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\u2019s 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\u2019s coordinated action remains the largest emergency oil-stock release in the agency\u2019s history.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Inventories in the SPR have declined to 283.767 million barrels<\/strong>, down from 415.442 million barrels at the start of the conflict with Iran and reaching their lowest level since October 1982. The SPR declined by a mere 785 thousand barrels during the week ending September 25th (112,140 barrels per day). <strong>Since the first SPR drawdown began, the United States has withdrawn approximately 131.675 million barrels, equivalent to an average of roughly 696,693 barrels per day through the week ending September 25, 2026.<\/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\"><img loading=\"lazy\" decoding=\"async\" width=\"895\" height=\"517\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-31.png\" alt=\"\" class=\"wp-image-21696\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-31.png 895w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-31-300x173.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-31-767x443.png 767w\" sizes=\"auto, (max-width: 895px) 100vw, 895px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Tank Cars<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Bureau of Transportation Statistics (\u201cBTS\u201d) delivered its annual tank car report to Congress on Wednesday of last week, and the headline number is progress: 76,715 cars, or 76% of the 100,485-car Class 3 flammable liquids fleet, met the DOT-117 or DOT-117R specification at the end of 2025, up from 73,757 a year earlier. The compliant fleet splits 43,519 new builds and 33,196 retrofits. With the May 2025 crude and ethanol deadlines behind us, <strong><u>13,832 non-DOT-117 \u00a0(DOT -111\u2019s \u2013 CPC 1232s) cars in Packing Group II and III service will need to be phased out by May 1, 2029.<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, the arithmetic that should get fleet owners&#8217; attention. The shops BTS surveyed plan to build 2,137 new DOT-117s and retrofit 663 DOT-117Rs in 2026, 2,800 cars in total. <strong>BTS calculates the industry needs to add 4,247 compliant cars a year through 2029 to clear the deadline, a pace the report itself describes as exceeding current production capacity.<\/strong> The Senate&#8217;s Railway Safety Act of 2026 would make it tighter, pulling the cutoff forward to December 31, 2027, with a one-year extension only if the Secretary finds manufacturing capacity is insufficient. That bill is tied up in the surface transportation reauthorization, which lapsed last Wednesday with only a stopgap in prospect, so nobody should plan around it either way.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"938\" height=\"520\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-26.png\" alt=\"\" class=\"wp-image-21690\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-26.png 938w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-26-300x166.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-26-767x425.png 767w\" sizes=\"auto, (max-width: 938px) 100vw, 938px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The service mix tells the rest of the story. Cars in crude service fell to 9,256 in 2025 from 10,410 in 2024, an 11% drop, and 80% below the 45,928 peak in 2014. Ethanol went the other way, up to 37,060 cars from 22,932 in 2020, and 99.9% of that fleet is already DOT-117. <strong>The retrofit queue is now a Packing Group II and III problem, and the 117J cars that a crude by rail revival would need are competing for the same shop slots.<\/strong> PFL&#8217;s advice to anyone holding legacy cars in general flammable service is simple: price the retrofit, the sale and the scrap option as soon as you can.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"938\" height=\"520\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-27.png\" alt=\"\" class=\"wp-image-21691\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-27.png 938w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-27-300x166.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-27-767x425.png 767w\" sizes=\"auto, (max-width: 938px) 100vw, 938px\" \/><\/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\">Thursday of last week in Fort McMurray, with Premier Smith and Pembina&#8217;s CEO at his side, the Prime Minister listed Pacific Link, the renamed West Coast Oil Pipeline, as Canada&#8217;s first project of national interest under the Building Canada Act. The pitch is one million barrels per day from Bruderheim to a VLCC-capable terminal at Roberts Bank, costed by Alberta at C35.2 to C43.7 billion, with the Major Projects Office to deliver its conditions by September 1, 2027 and oil flowing somewhere between 2032 and 2034. Ownership is Alberta&#8217;s marketing commission at 45%, Trans Mountain at 45% and Pembina at 10%, and Pembina&#8217;s own filing says it has no at-risk capital before a final investment decision and full discretion on whether to invest. <strong>Not one shipper has committed a barrel, the first open season is not until next spring, and the Prime Minister&#8217;s answer to that was &#8220;the Canadian taxpayer is going to make a lot of money off this pipeline.&#8221;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"938\" height=\"492\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-28.png\" alt=\"\" class=\"wp-image-21692\" style=\"aspect-ratio:1.9111111111111112;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-28.png 938w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-28-300x157.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-28-766x402.png 766w\" sizes=\"auto, (max-width: 938px) 100vw, 938px\" \/><\/figure>\n\n\n\n<h6 class=\"wp-block-heading has-text-align-center\"><strong><em>S<\/em>ource: Canadian Press &#8211;<\/strong> <strong><em>Prime Minister Mark Carney with Alberta Premier Danielle Smith in Fort McMurray, Thursday of last week. &#8211; PFL Analytics<\/em><\/strong><\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">The market spent the same week voting. Western Canadian Select for November delivery settled $24.50 under WTI at Hardisty on Friday of last week, out from $21.60 two days earlier, the widest discount in almost three years. The Alberta Energy Regulator&#8217;s outlook last Tuesday has bitumen output crossing four million barrels per day in 2027, three years earlier than it expected a year ago, and reaching 4.4 million by 2035. The CER approved the Trans Mountain toll settlement last Monday, lifting firm contracting to 90% of capacity on an open season that was two and a half times oversubscribed, which tells you how badly producers want pipe that exists. <strong>On roughly 3.5 million barrels per day of heavy output, the $3 of widening last week alone is worth about 3.8 billion a year to the people who do not get it.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Put the two announcements of the week side by side. Last Tuesday LNG Canada took a US$32 billion private final investment decision on Phase 2, twelve months from referral, with Coastal GasLink Phase 2 following the same day. Two days later, the oil pipeline got a provincial marketing commission, a Crown corporation that cannot sell the pipeline it already owns, and a partner with an option to walk. In our opinion, a pipeline with no shipper, no private proponent and a 2033 in-service date is a press release with a map, and Alberta&#8217;s barrels will keep paying the discount while Ottawa collects the applause.<\/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 export ban is dead. President Trump was &#8220;thinking very seriously&#8221; about it last Monday, threatened a targeted ban on France and Germany last Wednesday unless they released 120 million barrels of diesel, and on Friday of last week said &#8220;we&#8217;re not going to be doing the export ban, we were never going to do it.&#8221; What replaced it was a G7 agreement the same day to release up to 100 million barrels of crude and diesel from strategic stocks over four months, diesel first and substantial volumes within 20 days. <strong>Front-month ULSD futures fell to their lowest since August 28th on the news, trading as low as $4.40 per gallon, and WTI settled at $91.11.<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"938\" height=\"520\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-29.png\" alt=\"\" class=\"wp-image-21693\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-29.png 938w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-29-300x166.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-29-767x425.png 767w\" sizes=\"auto, (max-width: 938px) 100vw, 938px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Washington is also back at the SPR. The DOE issued a request for proposals last Tuesday to loan out another 40 million barrels of sour crude from Bryan Mound and Big Hill for November and December delivery, with bids due October 6th. More than 133 million barrels of the 172 million the U.S. committed in March have been awarded, and the June attempt at this same tranche drew almost no interest because the premium barrels only pencil in steep backwardation. The retail side finally blinked: the EIA&#8217;s on-highway diesel average fell 14.7 cents to $6.382 for September 28th, the first weekly drop in a month, though still $2.63 above a year ago. <strong>Gasoline is now the tighter barrel, with U.S. stocks at 204.4 million barrels in the week ended September 25th, the lowest since November 2014, and refinery utilization down to 92.5%.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the tank car fleet, the outcome is the one we flagged two weeks ago: exports get redirected, not stopped, and the Mexico-bound distillate cars keep running. The grain fuel surcharge stepped up 11 cents to $0.59 per mile on October 1st, and AAR petroleum carloads were up 9.4% in the week ended September 26th, with chemicals up 7.2%. Our read is that the bigger risk to distillate loadings from here is not policy but margin: if 100 million G7 barrels knock the diesel crack down hard enough, Gulf Coast refiners will trim runs, and the cars feel that before the pump does.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Grain<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The railroads repriced harvest last Wednesday. BNSF raised corn tariffs to the Pacific Northwest by $200 per car from every origin effective October 1st, UP went up $225 per car, and the fuel surcharge rose 11 cents to $0.59 per mile, which on a CPKC Enderlin to Kalama corn move adds $1,075 to a $5,047 tariff. The secondary market had already told you demand was there: BNSF&#8217;s auction of 13 year-long shuttle contracts starting January 2027 cleared $17.2 million, an average of $1.3 million per set against $595,000 a year ago. <strong>October shuttle bids eased to $700 per car over tariff in the week ended September 24th, down $188 on the week, because the harvest itself stalled.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Iowa had 3% of its soybeans harvested as of September 27th against a five-year average of 17%, with rain across the western Corn Belt, and crushers were bidding a dollar over futures for prompt delivery, enough to pull rail shipments of soybeans into Iowa, which does not happen often. North of the border it is the opposite problem. CPKC reported last Friday a record September of 2.94 million tons and 30,324 carloads of Canadian grain plus 2.51 million tons in the U.S., and Port of Vancouver bulk grain ran 17.4 million tons in the first half, up 14%. <strong>Canpotex added C$500 million for Neptune Terminals the same week, including new railcar dumper pits, with completion in 2028.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once the Corn Belt dries out, the U.S. shuttle premium comes back and the covered hopper is the car that matters for the next eight weeks. PFL is watching this one closely.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Tankers<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Trafigura is buying ships. The trading house launched Volare Shipping last week with six very large crude carriers on the water and eight newbuilds due between 2026 and 2028, raising $500 million in a private placement ahead of a listing on Euronext Growth Oslo on or about October 5th under the ticker VLCC. <strong>Spot VLCC charter rates have touched $1 million a day since the Iran war began, more than a month of revenue for most charterers, and Trafigura&#8217;s head of shipping said the aim is simply &#8220;to maximize earnings of these vessels.&#8221;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Freight is now part of the heavy crude basis. Venezuela&#8217;s September exports fell about 9% to 1.08 million barrels per day as tanker costs bit, with Europe&#8217;s take collapsing to 86,000 barrels per day from 260,000 while the U.S. took 629,000 barrels per day, up from 553,000 in August. The EIA&#8217;s July monthly put Venezuelan imports at 701,000 barrels per day, the highest since May 2017, with Valero alone taking 282,000 at Corpus Christi, Port Arthur and St. Charles. <strong>Short-haul Caribbean barrels into Gulf Coast cokers are the direct competitor to Canadian heavy at Hardisty, and the WCS discount as a result widened.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The same freight market is the entire commercial case for Pacific Link, whose advantage over Westridge is a VLCC berth, instead of a draft-limited Aframax. A trading house putting fourteen VLCCs on its own balance sheet at the top of the cycle tells us tanker scarcity is being treated as structural, not seasonal. PFL has been watching the Hardisty to Gulf Coast rail lane for exactly this reason: when water freight is the problem, the unit train is the only leg of the heavy crude chain that does not float.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Permitting<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Senators Capito, Lee, Whitehouse and Heinrich released the 417-page text of the Bipartisan American Affordability and Jobs Act last Wednesday, and the White House endorsed it on the same day. The bill sets a one-year clock on environmental assessments and two years on impact statements, caps lawsuits at 150 days after a permit, tells courts to remand rather than vacate, stretches Clean Water Act 404 permits from five years to ten, and limits state 401 certifications to water quality actually caused by the project. <strong>Permits would also survive a change of administration absent extraordinary circumstances, which is the provision the pipeline industry has wanted since Keystone XL.<\/strong> Capito wants the first vote when the Senate returns after the November 3rd midterms, with a cloture motion pencilled for November 9th, and the House passed its own version last December.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">API called it a generational opportunity and INGAA a historic breakthrough, and it is not hard to see why from this desk. Every pipeline this report has tracked for two years has been stopped by a state 401 certificate or a lawsuit filed years after the permit: Line 5 in Michigan and Wisconsin, Bridger in Montana, the Mainline&#8217;s second optimization phase sitting on the shelf. <strong>If the 401 narrowing and the 150-day limit become law as written, that playbook ends, and the long-dated case for crude by rail gets shorter.<\/strong> That is a big if. Lame duck sessions have killed better bills than this one, Senate Democrats are still waiting for the administration to restart wind and solar permitting, and the 60-vote math has not changed. This one may have a path; it does not yet have a floor.<\/p>\n\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\">Last Wednesday&#8217;s deadline for notices of intent to participate in the Union Pacific and Norfolk Southern proceeding came and went without a tally from the Surface Transportation Board, and the extension to September 30th was itself granted at the request of the National League of Cities so that 12,000 local governments could decide whether to file. The applicants spent the week before adding the SMART Mechanical Department to their jobs-for-life list, with Jim Vena saying &#8220;the momentum behind this transaction continues to build&#8221; on the back of more than 2,000 filed shipper statements. <strong>Comments and requests for conditions remain due November 18th, with replies February 16th, and nothing that happened last week moves the Gulf Coast switching question BNSF has put on the table.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two staffing notes worth filing. The Board named Marty Schlenker, formerly of CSX finance and BNSF service planning, as Director of its Office of Economics, and Terrence McDermott, formerly Bunge&#8217;s North American rail supply chain director and a National Grain Car Council member, as senior advisor to Chairman Fuchs. A shipper-side railcar man advising the Chairman while the merits review is being staffed is, in our opinion, not nothing. Norfolk Southern reports third quarter results October 22nd, and PFL will be watching what management says about synergies with Kloster&#8217;s concurrence still fresh.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We Are Watching Safety<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The NTSB issued a preliminary report Thursday of last week on the Norfolk Southern conductor seriously injured September 8th at Conway Yard, Pennsylvania. He was riding a tank car during a 219-car shoving move, was found about eight car lengths from where the shove began, and was airlifted to Pittsburgh. <strong>It is the first case file to land since the Board&#8217;s September 21st recommendation that crews stop riding equipment to protect shoving moves, and it involves a tank car.<\/strong> Separately, 19 cars of a BNSF train derailed in downtown Minot, North Dakota at 3:36 a.m. last Wednesday, four of them tipped, rupturing a gas line and closing streets and two medical buildings; BNSF said no hazmat was involved and both mains were back by Thursday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The policy fight moved to the Senate last Thursday, when a coalition led by the Competitive Enterprise Institute wrote to oppose folding the Railway Safety Act into the surface transportation bill, aiming squarely at the two-person crew mandate and the wayside detector requirements. The AAR&#8217;s Joseph St. Peter made the same case earlier in the week: &#8220;a staffing mandate is not itself a safety standard.&#8221; The 11th Circuit upheld the FRA&#8217;s crew size rule in August, so the mandate stands regardless of what Congress does. <strong>Tank car owners have a direct stake here, because the same bill carries the DOT-117 acceleration to December 2027, and it will ride or die with the crew provision.<\/strong> Whatever happens on crew size, in our opinion is that the shoving-move recommendation is the one that changes yard practice at tank car facilities first.<\/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<h5 class=\"wp-block-heading has-text-align-center\"><strong>Unemployment<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>On October 2nd, the U.S. Bureau of Labor Statistics (BLS) reported that a preliminary 29,000 net new jobs were created in September 2026,<\/strong> marking a significant slowdown from the 162,000 jobs initially reported for August. The BLS also revised employment figures for the prior two months downward, subtracting a combined 60,000 jobs from July and August totals. July was revised from a gain of 21,000 jobs to a loss of 10,000 jobs, while August was revised down from 162,000 to 133,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the BLS, total nonfarm payroll employment has increased by approximately 152,000 jobs over the last three months (July through September 2026). <strong>The official unemployment rate increased to 4.2% in September<\/strong> from 4.1% in August, while employment in all major industries changed little during the month.<\/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\/10\/image-30.png\" alt=\"\" class=\"wp-image-21694\" style=\"aspect-ratio:1.9017199017199018;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-30.png 800w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-30-300x158.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-30-768x403.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>Consumer Spending&nbsp;<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In August 2026, consumer spending continued to strengthen, with personal consumption expenditures (PCE) rising 0.9 percent month-over-month<\/strong>. In current-dollar terms, spending increased by approximately $190.8 billion, with gains across both goods and services, highlighting continued household demand. On an inflation-adjusted basis, real PCE rose 0.6 percent, indicating solid growth in underlying consumption.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The personal saving rate increased to 4.1 percent in August<\/strong>, up from 3.0 percent in July, as disposable personal income increased 0.3 percent while consumer spending rose at a faster pace in current-dollar terms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On inflation, <strong>the PCE price index increased 0.3 percent month-over-month in August, with the year-over-year rate at 3.4%<\/strong>. <strong>Core PCE (excluding food and energy) rose 0.2% on the month and 3.0% year-over-year<\/strong>, indicating that underlying inflation remains above the Fed\u2019s 2 percent target.<\/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\/10\/image-12.png\" alt=\"\" class=\"wp-image-21661\" style=\"aspect-ratio:1.9017199017199018;width:774px;height:auto\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-12.png 800w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/image-12-300x158.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2026\/10\/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\u00a0 Ammonium Sulfate service. Period: 6-12 Months.<\/li>\n\n\n\n<li>300, 5200CF Covered Hoppers located off of CPKCS or CN in Canada. For use in Petcoke service. Period: 3 Year.<\/li>\n\n\n\n<li>100, 340W Pressure Tank located off of CN or\u00a0CPKCS 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\u00a0CPKCS 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\u00a0CPKCS 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\n\n\n<li>150, 340W Pressure Tank located off of CN in Canada. For use in Propane service. Period: 3 Months.<\/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>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>41, 30K DOT 111 Tanks located off of in Brownsville. Last used in Diesel. Cars are currently clean.<\/li>\n\n\n\n<li>93, 31.8K CPC 1232 Tanks located off of Various Class 1s in Texas. Last used in Diesel. Cars are currently clean.<\/li>\n\n\n\n<li>22, 21K DOT 115 Stainless Steel Tank located off of BNSF in Texas. Cars are currently clean. Cars are currently clean.<\/li>\n\n\n\n<li>30, 25.5K DOT 117J Tank located off of BNSF and UP in Texas. Last used in Benzene. NO BOV, NO LINER.<\/li>\n\n\n\n<li>21, 20K DOT 111 Tank located off of BNSF and UP in Texas. Cars are currently clean. Cars are currently clean. C\/I, NO Liner.<\/li>\n\n\n\n<li>1000, 31.8K CPC 1232 Tank located off of BNSF and UP in Texas. 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>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>15, 5750 CF Hopper located off of CSX, NS,\u00a0CPKCS, 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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<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\/10\/Delek-US.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 Gaylord Opryland Hotel<\/li>\r\n\t\t<li>Attending: Brian Baker (239.297.4519) <\/li>\r\n\t\t<li><a href=\"https:\/\/delekhope.com\/2026-nashville\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conference Website<\/a><\/li>\r\n\t<\/ul>\r\n<\/font>\r\n\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>\u201cWorry never robs tomorrow of its sorrow, it only saps today of its joy.\u201d &#8211; Leo Buscaglia Jobs Update Initial jobless claims seasonally adjusted for the week ending September 26, 2026 came in at 197,000, versus the adjusted number of 198,000 people from the week prior, down 1,000 people week-over-week. Continuing jobless claims came in [&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-21647","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 v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Railcar Market Report for October 4, 2026<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-10-5-2026\/\" \/>\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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