{"id":8489,"date":"2023-01-17T05:03:00","date_gmt":"2023-01-17T10:03:00","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=8489"},"modified":"2023-07-28T10:23:05","modified_gmt":"2023-07-28T14:23:05","slug":"pfl-railcar-report-1-17-2023","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-1-17-2023\/","title":{"rendered":"PFL Railcar Report 1-17-2023"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><em><u>\u201cHate cannot drive out hate; only love can do that\u201d.<\/u><\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><em><u> &#8211; <\/u><\/em><u>Martin Luther King Jr.<\/u><\/strong><\/p>\n\n\n\n<center><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/WzvgrLVvgZo\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\"><\/iframe><\/center>\n\n\n\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\"><strong><u>Jobs Update<\/u><\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><u>Initial jobless claims for the week ending January 7th, 2023 came in at 205,000<\/u><\/strong>,&nbsp; down -1,000 people week-over-week.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"797\" height=\"412\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1a-Initial-Jobless-Claims-1-16-2023.png\" alt=\"Initial Jobless Claims\" class=\"wp-image-8490\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1a-Initial-Jobless-Claims-1-16-2023.png 797w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1a-Initial-Jobless-Claims-1-16-2023-300x155.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1a-Initial-Jobless-Claims-1-16-2023-768x397.png 768w\" sizes=\"auto, (max-width: 797px) 100vw, 797px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><strong><u>Continuing jobless claims came in at 1.634 million people<\/u><\/strong>, versus the adjusted number of 1.697 million people from the week prior, down -63,000 people week over week.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"459\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1b-Cont-Jobless-Claims-1-16-2023.png\" alt=\"Continued Jobless Claims\" class=\"wp-image-8491\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1b-Cont-Jobless-Claims-1-16-2023.png 796w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1b-Cont-Jobless-Claims-1-16-2023-300x173.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/1b-Cont-Jobless-Claims-1-16-2023-768x443.png 768w\" sizes=\"auto, (max-width: 796px) 100vw, 796px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><u>Stocks closed higher on Friday of last week and up week over week<\/u><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>The DOW closed higher on Friday of last week, up +112.64 points (<\/u><\/strong>+0.33%), closing out the week at 34,302.61, up 672 points week over week. <strong><u>The S&amp;P 500 closed higher on Friday of last week, up +15.92 points<\/u><\/strong> (0.40%), and closed out the week at 3,999.09, up 104.01 points week over week. <strong><u>The NASDAQ closed higher on Friday of last week, up +78.05 points<\/u><\/strong> (0.74%), and closed the week at 11,079.16, up&nbsp; 509.84 points week over week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In overnight trading, DOW futures traded lower and are expected to open at 34,360 this morning down -56 points.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><u>WTI closed higher on Friday of last week and up week over week<\/u><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong><u>WTI traded up $1.47 per barrel (+1.9%) to close at $79.86 per barrel on Friday, up $6.09 per barrel week over week.<\/u><\/strong> Brent traded up US$1.25 per barrel (+1.5%) on Friday of last week, to close at US$85.28 per barrel, up $6.71 per barrel week over week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>U.S. commercial crude oil inventories<\/u><\/strong> (excluding those in the Strategic Petroleum Reserve) <strong><u>increased by 19 million barrels<\/u><\/strong> week over week. At 439.6 million barrels,<strong><u> U.S. crude oil inventories are 1% above the five-year average for this time of year.<\/u><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"918\" height=\"399\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/2-weekly-us-total-crude-stocks-1-16-2023.png\" alt=\"Total Crude Stocks\" class=\"wp-image-8492\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/2-weekly-us-total-crude-stocks-1-16-2023.png 918w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/2-weekly-us-total-crude-stocks-1-16-2023-300x130.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/2-weekly-us-total-crude-stocks-1-16-2023-768x334.png 768w\" sizes=\"auto, (max-width: 918px) 100vw, 918px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Total motor gasoline inventories increased by 4.1 million barrels<\/u><\/strong> week over week 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=\"918\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/3-Weekly-US-Ending-Stocks-of-Total-Gasoline-1-16-2023.png\" alt=\"Total Gasoline\" class=\"wp-image-8493\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/3-Weekly-US-Ending-Stocks-of-Total-Gasoline-1-16-2023.png 918w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/3-Weekly-US-Ending-Stocks-of-Total-Gasoline-1-16-2023-300x131.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/3-Weekly-US-Ending-Stocks-of-Total-Gasoline-1-16-2023-768x335.png 768w\" sizes=\"auto, (max-width: 918px) 100vw, 918px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Distillate fuel inventories decreased by 1.1 million barrels<\/u><\/strong> week over week and are 18% 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=\"918\" height=\"399\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/4-Ending-Stocks-of-Distillate-Fuel-Oil-1-16-23.png\" alt=\"Ending stocks of Distillate Fuel Oil\" class=\"wp-image-8494\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/4-Ending-Stocks-of-Distillate-Fuel-Oil-1-16-23.png 918w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/4-Ending-Stocks-of-Distillate-Fuel-Oil-1-16-23-300x130.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/4-Ending-Stocks-of-Distillate-Fuel-Oil-1-16-23-768x334.png 768w\" sizes=\"auto, (max-width: 918px) 100vw, 918px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Propane\/propylene inventories decreased by 2.1 million barrels<\/u><\/strong> week over week and are 18% 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=\"918\" height=\"399\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/5-propane-and-propylene-excluding-terminal-1-16-23.png\" alt=\"Propane and Propylene Ending Stocks\" class=\"wp-image-8495\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/5-propane-and-propylene-excluding-terminal-1-16-23.png 918w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/5-propane-and-propylene-excluding-terminal-1-16-23-300x130.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/5-propane-and-propylene-excluding-terminal-1-16-23-768x334.png 768w\" sizes=\"auto, (max-width: 918px) 100vw, 918px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Propane prices were up 4 cents per gallon week over week, closing at 74 cents per gallon, down 39 cents per gallon year over year.<\/u><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"918\" height=\"399\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/6-Propane-Mont-Belvieu-Pricing-1-16-2023.png\" alt=\"Propane Prices\" class=\"wp-image-8496\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/6-Propane-Mont-Belvieu-Pricing-1-16-2023.png 918w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/6-Propane-Mont-Belvieu-Pricing-1-16-2023-300x130.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/6-Propane-Mont-Belvieu-Pricing-1-16-2023-768x334.png 768w\" sizes=\"auto, (max-width: 918px) 100vw, 918px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Overall, total commercial petroleum inventories increased by 22.4 million barrels for the week ending January 6th, 2023.<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>U.S. crude oil imports averaged 6.4 million barrels per day last week<\/u><\/strong>, an increase of 637,000 barrels per day during the week ending January 6th, 2023. Over the past four weeks, <strong><u>crude oil imports averaged 6 million barrels per day<\/u><\/strong>, 3.1% less than the same four-week period last year. <strong><u>Total motor gasoline imports <\/u><\/strong>(including both finished gasoline and gasoline blending components) <strong><u>averaged 516,000 barrels per day, and distillate fuel imports averaged 209,000 barrels per day <\/u><\/strong>during the week ending January 6th, 2023<em>.<\/em><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"919\" height=\"400\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/7-US-imports-of-Crude-Oil-1-16-2023.png\" alt=\"Imports of Crude Oil\" class=\"wp-image-8497\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/7-US-imports-of-Crude-Oil-1-16-2023.png 919w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/7-US-imports-of-Crude-Oil-1-16-2023-300x131.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/7-US-imports-of-Crude-Oil-1-16-2023-768x334.png 768w\" sizes=\"auto, (max-width: 919px) 100vw, 919px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong><u>U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending January 6, 2023, which was up 831,000 barrels per day week over week.<\/u><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"918\" height=\"398\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/8-US-Refiner-Net-Input-of-Crude-1-16-2023.png\" alt=\"US Net Input of Crude\" class=\"wp-image-8498\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/8-US-Refiner-Net-Input-of-Crude-1-16-2023.png 918w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/8-US-Refiner-Net-Input-of-Crude-1-16-2023-300x130.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/8-US-Refiner-Net-Input-of-Crude-1-16-2023-768x333.png 768w\" sizes=\"auto, (max-width: 918px) 100vw, 918px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>As of the writing of this report, WTI is poised to open at $79.57, down -$0.29 per barrel from Monday\u2019s close.<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"north-american-rail-traffic\"><strong><u>North American Rail Traffic<\/u><\/strong><\/h4>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>Week Ending January 7th, 2022.<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Total North American weekly rail volumes were down (-3.01%) in week 1<\/u><\/strong> compared with the same week last year. Total carloads for the week ending on January 7th were 323,172, up (+3.21%) compared with the same week in 2022, while weekly intermodal volume was 255,090, down (-10.18%) compared to the same week in 2022. <strong><u>7 of the AAR\u2019s 11 major traffic categories posted year-over-year increases<\/u><\/strong> with the most significant increase coming from Petroleum and Petroleum Products (+18.13%). The largest decrease was from Chemicals (-13.88%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the east, <strong><u>CSX\u2019s total volumes were up (+2.18%)<\/u><\/strong>, with the largest decrease coming from Chemicals (-10.15%) and the largest increase from Grain (+67.3%).&nbsp; <strong><u>NS\u2019s volumes were down (-1.15%),<\/u><\/strong> with the largest decrease coming from Chemicals (-17.05%) and the largest increase from Other (+28.4%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the West, <strong><u>BN\u2019s total volumes were down (-7.44%)<\/u><\/strong>, with the largest decreases coming from Chemicals (-7.47%), and the largest increase coming from Petroleum and Petroleum Products (+33.65%). <strong><u>UP\u2019s total rail volumes were down (-3.13%)<\/u><\/strong> with the largest decrease coming from Forest Products (-16.71%) and the largest increase coming from Motor Vehicles and Parts (+26.28%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Canada, <strong><u>CN\u2019s total rail volumes were down (-6.02%)<\/u><\/strong> with the largest decrease coming from Intermodal (-25.55%) and the largest increase coming from Petroleum and Petroleum Products (+26.11%). <strong><u>CP\u2019s total rail volumes were down (-8%)<\/u><\/strong> with the largest decrease coming from Intermodal (-31.13%) and the largest increase coming from Other (+108.11%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>KCS\u2019s total rail volumes were up (+6.22%)<\/u><\/strong> with the largest decrease coming from Chemicals (-20.38%) and the largest increase coming from Coal (+48.27%).<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a id=\"_msocom_1\"><\/a><strong>Source Data: AAR &#8211; PFL Analytics<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"rig-count\"><strong><u>Rig Count<\/u><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>North American rig count was up by 41 rigs week over week. U.S. rig count is up by 3 rigs week-over-week<\/u><\/strong> and up by +174 rigs year over year. The U.S. currently has 775 active rigs. <strong><u>Canada\u2019s rig count was up by 38 rigs week-over-week,<\/u><\/strong> and up by 36 rigs year-over-year. Canada\u2019s overall rig count was 227 active rigs.&nbsp; Overall, <strong><u>year over year, we are up +210 rigs collectively and have breached 1,000 active rigs a level not seen since 2019.<\/u><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\" id=\"north-american-rig-count-summary\"><u><strong>North American Rig Count Summary<\/strong><\/u><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"711\" height=\"106\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-1-13-2023.png\" alt=\"RIG count summary\" class=\"wp-image-8505\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-1-13-2023.png 711w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-1-13-2023-300x45.png 300w\" sizes=\"auto, (max-width: 711px) 100vw, 711px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"375\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-Chart-1-13-2023.png\" alt=\"RIG Count Summary Chart\" class=\"wp-image-8506\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-Chart-1-13-2023.png 796w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-Chart-1-13-2023-300x141.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/9-Rig-Count-Summary-Chart-1-13-2023-768x362.png 768w\" sizes=\"auto, (max-width: 796px) 100vw, 796px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"a-few-things-we-are-keeping-an-eye-on\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\"><u>A few things we are keeping an eye on<\/u><\/mark><\/strong><\/h3>\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><u>The four-week rolling average of petroleum carloads carried on the six largest North American railroads fell to 23,554 from 23,656, which was a loss of 102 railcars week-over-week<\/u> <\/strong>Canadian volumes were down; CP\u2019s shipments decreased by -13.7% week over week, and CN\u2019s volumes were down by -2.9% week over week. U.S. shipments were higher on all class 1\u2019s.&nbsp; The CSX had the largest percentage increase and was up by+23%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><a><\/a><strong><em>We continue to watch Natural Gas<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Natgas continued to tumble last week as growing production and warm weather has set in and some calling winter over.<\/u><\/strong>&nbsp; What has become a significant problem for the price of natural gas is not only the weather and rising production but the continued delay in Freeport\u2019s LNG terminal restart.&nbsp; Top U.S. Natgas exporter, <strong><u>Freeport LNG, according to market sources is expected to further extend the seven-month-long outage of its liquefied natural gas (LNG) export plant in Texas to February,<\/u><\/strong> as it awaits regulatory approvals.&nbsp; When the facility is operational Freeport is 20% (2 BCF per day) of U.S. LNG exports.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Freeport LNG spokeswoman said the restart timeline still stands and the company was still targeting the second half of this month<\/u><\/strong> for the safe, initial restart of its liquefaction facility, pending regulatory approvals.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"446\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/NYMEX-Natural-Gas-Pricing-1-16-2023-1024x446.png\" alt=\"Nymex Nat Gas Pricing\" class=\"wp-image-8509\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/NYMEX-Natural-Gas-Pricing-1-16-2023-1024x446.png 1024w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/NYMEX-Natural-Gas-Pricing-1-16-2023-300x131.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/NYMEX-Natural-Gas-Pricing-1-16-2023-768x334.png 768w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/NYMEX-Natural-Gas-Pricing-1-16-2023.png 1240w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\"><strong><em>We continue to watch the Strategic Petroleum Reserves<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>On 12\/19\/2022 we reported the following:<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<em>\u201cThe U.S. Department of Energy\u2019s (DOE) Office of Petroleum Reserves announced on Friday of last week that it will start repurchasing crude oil for the Strategic Petroleum Reserve (SPR) that it sold. <strong><u>According to the DOE this repurchase is an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for<\/u><\/strong>, as well as to strengthen energy security. Last Friday\u2019s notice will pilot this new approach by starting with a purchase of up to 3 million barrels of sour crude oil.\u201d<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong><u>Not so fast folks, it looks as though all offers to supply and fill us back up were rejected last week<\/u><\/strong>.&nbsp;&nbsp; The U.S. The Department of Energy (\u2018DOE\u201d) has rejected the first batch of offers from oil companies to resupply a small amount of oil to the nation\u2019s Strategic Petroleum Reserves (\u201cSPR\u201d) in February, according to a DOE spokesperson. <strong><u>\u201cFollowing review of the initial submission, DOE will not be making any award selections for the February delivery window,\u201d a DOE spokesperson said in an emailed statement.<\/u><\/strong><strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>\u201cDOE will only select bids that meet the required crude specifications and that are at a price that is a good deal for taxpayers,\u201d<\/u><\/strong> the spokesperson said. We don\u2019t know any details as far as what was submitted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong><u>President Joe Biden had announced a 180 million barrel sale from the SPR in late March of 2022 to combat surging gasoline prices after the February invasion of Ukraine by Russia<\/u><\/strong>.&nbsp; In releasing reserves from the SPR, it has caused stress on the equipment at the facilities themselves, costing taxpayers an estimated&nbsp; $50 Billion in equipment upgrades so far.&nbsp;&nbsp; The SPR was never designed to be a commercial oil storage facility. With oil closing near $80 per barrel on Friday of last week we will have to see where this one goes.&nbsp; To us it does not look like a win for taxpayers.&nbsp; <strong><u>Crude by rail implications are unclear with Venezuela crude hitting our shores this week!&nbsp; As a recap, below is a chart showing where we sit now volume wise in the SPR and where we came from:<\/u><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/Ending-Crude-Oil-SPR-1-16-2023-1024x592.png\" alt=\"US Ending Stocks of Crude Oil\" class=\"wp-image-8510\" srcset=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/Ending-Crude-Oil-SPR-1-16-2023-1024x592.png 1024w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/Ending-Crude-Oil-SPR-1-16-2023-300x173.png 300w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/Ending-Crude-Oil-SPR-1-16-2023-768x444.png 768w, https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/01\/Ending-Crude-Oil-SPR-1-16-2023.png 1075w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><u><mark style=\"background-color:rgba(0, 0, 0, 0);color:#086aa3\" class=\"has-inline-color\">We have been extremely busy at PFL with return-on-lease programs involving rail car storage instead of returning cars to a shop.&nbsp; A quick turnaround is what we all want and need. &nbsp;&nbsp;Railcar storage in general has been extremely active.&nbsp; Please call PFL now at 239-390-2885 if you are looking for rail car storage, want to troubleshoot a return on lease scenario, or have storage availability.&nbsp; Whether you are a car owner, lessor or lessee, or even a class 1 that wants to help out a customer we are here to \u201chelp you help your customer!\u201d<\/mark><\/u><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-vivid-red-color has-text-color wp-block-paragraph\"><strong><u><strong><u>Leasing and Subleasing has been brisk as economic activity picks up. Inquiries have continued to be brisk and strong Call PFL Today for all your rail car needs 239-390-2885<\/u><\/strong><\/u><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>PFL is seeking: <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 30-50, 117 Tanks needed off of Any in Northeast or Midwest for 1 Year. Cars are needed for use in C5 service. Must have Magrods<br>\u2022 30-50, 117 Tanks needed off of Any in Northeast or Midwest for 1 Year. Cars are needed for use in C5 service. Must have Magrods<br>\u2022 10, 117, DOT-111, CPC 1232 Tanks needed off of UP or BN in Texas. Cars are needed for use in Veg Oil service. Coiled and insulated<br>\u2022 5, Covered Hoppers needed off of UP or BN in Texas.<br>\u2022 10-12, Pressure Tanks needed off of UP in utah to cali for 1 year. Cars are needed for use in propane service. Needs them in April 2023<br>\u2022 50, CPC1232 or 117J Tanks needed off of UP or CSX in multiple locations for 3-5 Years. Cars are needed for use in Tall Oil service. Lined or Unlined<br>\u2022 100-300, Any Tanks needed off of various class 1s in Canada\/US for 1-3 years. Cars are needed for use in Crude service. Various needs in the market to move crude immediately<br>\u2022 100 , Pressure Tanks needed off of various class 1s in various locations for 6 months to a year. Cars are needed for use in Propane service. Immediate need<br>\u2022 100-200, 117J Tanks needed off of CN or CP in Edmonton for 3-6 Months. Cars are needed for use in Crude service. Dirty to Dirty.<br>\u2022 10-20, Pressure Tanks needed off of CN or CP in Canada for 6 months to 1 year. Cars are needed for use in Propylene service. Immediate<br>\u2022 25, Any Tanks needed off of BNSF or UP in the west for 1-3 years. Cars are needed for use in magnesium chloride service. SDS onhand<br>\u2022 2-4, Tanks needed off of BNSF Preferred in Minnesota. Cars are needed for use in Biodiesel service. Coiled and insulated<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">or use in Cement service. C612<br>\u2022 100, Tanks needed off of CSX or NS in the east. Cars are needed for use in Molton Sulfer service.<br>\u2022 20, Mill Gondolas needed off of CSX in the northeast. Cars are needed for use in non-haz soil service. 52-60 ft<br>\u2022 10, Hoppers needed off of CSX in the northeast. Cars are needed for use in scrap metal service. Open top hopper<br>\u2022 20, Tanks needed off of various class 1s in various locations. Cars are needed for use in corn syrup service.<br>\u2022 8, Hoppers needed off of various class 1s in various locations. Cars are needed for use in Plastic Pellet service.<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>PFL is offering: <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 100-200, 31.8, 1232` Tanks located off of BN in Chicago. Cars are clean Sale or Lease<br>\u2022 150, 3250 CF, hopper Hoppers located off of various class 1s in multiple locations. For sale<br>\u2022 100-200, 31.8K, CPC1232 Tanks located off of various class 1s in Texas. Cars were last used in Gas. Call for information<br>\u2022 100-200, 31.8K, CPC1232 Tanks located off of various class 1s in Texas. Cars were last used in Diesel. Call for information<br>\u2022 100, 29K, 117R Tanks located off of UP in Washington. Cars are clean Built in 2014. Coiled and insulated.<br>\u2022 100, 29K, 117R Tanks located off of UP in Washington State. 2014. Coiled and insulated clean<br>\u2022 150, 31.8, 117R Tanks located off of KCS in Texas. Cars are clean Currently being shopped. Call for info.<br>\u2022 150, 30K, DOT111 Tanks located off of various class 1s in various locations. Cars were last used in Ethanol. Call for information<br>\u2022 200, 25.5K, 117J Tanks located off of UP in Texas. Cars are clean Call for information<br>\u2022 200, 29K, 117J Tanks located off of BNSF, UP in Oklahoma &amp; Texas. Cars are clean Hempel 15500 Lining.<br>\u2022 139, 25.5K, 117J Tanks located off of UP in Texas. Cars are clean Brand New Cars!<br>\u2022 100, 5,700 &#8211; 5,800 CF, Hoppers located off of various class 1s in multiple locations. Pneumatic Covered Hopper<br>\u2022 100, 5000 &#8211; 5001 CF, Hoppers located off of various class 1s in multiple locations. Pressureaide<br>\u2022 100, 4200 CF, Hoppers located off of various class 1s in multiple locations. Aluminum Rotary Hopper<br>\u2022 100, 4000 &#8211; 4999 CF, Hoppers located off of various class 1s in multiple locations. Steel Quad Hopper<br>\u2022 100, 3000 CF, Covered Hoppers located off of various class 1s in multiple locations. Gravity<br>\u2022 150, 31.8K, 117R Tanks located off of various class 1s in Texas.<br>\u2022 32, 111A Tanks located off of various class 1s in multiple locations. Exterior Coiled &amp; 4\u201d Fiberglass Insulated; Full Head Shield; All cars are perfect for chemical as well as crude\/oil service. All cars will qualify for DOT117R retrofit with application of removable bottom outlet valve handle and are available for inspection.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\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<p class=\"wp-block-paragraph\"><strong><strong><strong>PFL offers turn-key solutions to maximize your profitability. <\/strong>Our goal is to provide a win\/win scenario for all and we can handle virtually all of your railcar needs. Whether it\u2019s <strong><u>loaded storage, empty storage, subleasing or leasing excess cars, filling orders for cars wanted, <a href=\"https:\/\/youtu.be\/tcf2z1riziI\" target=\"_blank\" rel=\"noreferrer noopener\">mobile railcar cleaning<\/a>, blasting, <a href=\"https:\/\/pflpetroleum.com\/railcarmaintenanceandrepair.html\" target=\"_blank\" rel=\"noreferrer noopener\">mobile railcar repair<\/a>, or <a href=\"https:\/\/pflpetroleum.com\/railcarscrapping.html\" target=\"_blank\" rel=\"noreferrer noopener\">scrapping<\/a> at strategic partner sites, <\/u><\/strong>PFL will do its best to assist you. P<\/strong><\/strong>FL<strong><strong> also assists fleets and lessors with<a href=\"https:\/\/pflpetroleum.com\/railcarleasingandsales.html\" target=\"_blank\" rel=\"noreferrer noopener\"> leases and sales<\/a> and offers <strong>Total Fleet Evaluation Services. <u>We will analyze your current leases, storage, and company objectives <\/u><\/strong>to draw up a plan of action. <strong><u>We will save Lessor and Lessee the headache and aggravation of navigating through this rapidly changing landscape<\/u><\/strong><\/strong>.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-vivid-red-color has-text-color wp-block-paragraph\"><strong><u><strong><u><strong><u>PFL IS READY TO CLEAN CARS TODAY ON A MOBILE BASIS WE ARE CURRENTLY IN EAST TEXAS<\/u><\/strong><\/u><\/strong><\/u><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<style>\r\n    #map {\r\n        height: 600px;\r\n        width: 100%;\r\n    }\r\n    #filterBar {\r\n        text-align: center;\r\n        margin: 20px 0;\r\n    }\r\n    table {\r\n        width: 100%;\r\n        border-collapse: collapse;\r\n        margin-top: 10px;\r\n        font-family: sans-serif;\r\n    }\r\n    th {\r\n        background-color: #020f52;\r\n        color: white;\r\n        padding: 8px;\r\n        border: 1px solid #ccc;\r\n        text-align: left;\r\n    }\r\n    td {\r\n        padding: 8px;\r\n        border: 1px solid #ccc;\r\n    }\r\n    tbody tr:nth-child(odd) {\r\n        background-color: #f9f9f9;\r\n    }\r\n    tbody tr:nth-child(even) {\r\n        background-color: #e8e8e8;\r\n    }\r\n    tr:nth-of-type(odd){background-color:#d7f6f7}\r\n    td{border:1px solid #ccc;padding:8px}\r\n#map{height:350px;max-width:100%}#dataTable,table{border-collapse:collapse;width:100%;height:400px;display:block;overflow:hidden;overflow-y:auto}th{background-color:#020f52;color:#fff;text-align:center;position:sticky;top:0},tr{border:1px solid #000}<\/style>\r\n<h3 align=\"center\">Live Railcar Markets<\/h3>\r\n            <style>.custom-table{width:100%;border-collapse:collapse}.custom-table td,.custom-table th{border:1px solid #ccc;padding:8px}body{margin:0;padding:0}.tab-container{display:flex}.tab{cursor:pointer;padding:10px;border:1px solid #ccc}.tab.active{background-color:#f0f0f0}.table-container{max-height:400px;overflow-y:auto}<\/style>\r\n                <div class=\"tab-container\">\r\n        <div class=\"tab active\" onclick='showTable(\"leaseOfferTable\", this)'>Lease Offers<\/div>\r\n        <div class=\"tab\" onclick='showTable(\"leaseBidsTable\", this)'>Lease Bids<\/div>\r\n        <div class=\"tab\" onclick='showTable(\"salesOffersTable\", this)'>Sales Offers<\/div>\r\n        <div class=\"tab\" onclick='showTable(\"salesBidsTable\", this)'>Sales Bids<\/div>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"leaseOfferTable\" class=\"custom-table\" style=\"display:table\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Capacity<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class<\/th><th>Prev. Use<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"leaseBidsTable\" class=\"custom-table\" style=\"display:none\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Size<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class1<\/th><th>Term<\/th><th>Commodity<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"salesOffersTable\" class=\"custom-table\" style=\"display:none\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Capacity<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class<\/th><th>Prev. Use<\/th><th>Clean<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n    <div class=\"table-container\">\r\n        <table id=\"salesBidsTable\" class=\"custom-table\" style=\"display:none\">\r\n            <thead>\r\n                <tr><th>CAT<\/th><th>Type<\/th><th>Capacity<\/th><th>GRL<\/th><th>QTY<\/th><th>LOC<\/th><th>Class1<\/th><th>Commodity<\/th><th>Offer<\/th><th>Note<\/th><\/tr>\r\n            <\/thead>\r\n            <tbody><\/tbody>\r\n        <\/table>\r\n    <\/div>\r\n\r\n    <script>\r\n    function showTable(tableId, tabElement) {\r\n        const tables = document.querySelectorAll(\".custom-table\");\r\n        tables.forEach(table => table.style.display = \"none\");\r\n        document.getElementById(tableId).style.display = \"table\";\r\n        const tabs = document.querySelectorAll(\".tab\");\r\n        tabs.forEach(tab => tab.classList.remove(\"active\"));\r\n        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'leaseOfferTable');\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/lease_bids.php', 'leaseBidsTable');\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/sales_offer.php', 'salesOffersTable');\r\n    fetchData('https:\/\/manifest.pflpetroleum.com\/api\/sales_bids.php', 'salesBidsTable');\r\n    <\/script>\n","protected":false},"excerpt":{"rendered":"<p>Natgas continued to tumble last week as growing production and warm weather has set in and some calling winter over.\u00a0<\/p>\n","protected":false},"author":3,"featured_media":4168,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-8489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-railcar-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Railcar Markets Report for January 17th, 2023<\/title>\n<meta name=\"description\" content=\"Natgas continued to tumble last week as growing production and warm weather has set in and some calling winter over.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pflpetroleum.com\/reports\/pfl-railcar-report-1-17-2023\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Curtis Chandler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" 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Railcar Report 1-17-2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#website\",\"url\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/\",\"name\":\"PFL Petroleum Services LTD\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#organization\",\"name\":\"PFL Petroleum Services 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LTD\"},\"image\":{\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/progressivefuelslimited\\\/\",\"https:\\\/\\\/x.com\\\/pflpetroleum\",\"https:\\\/\\\/www.instagram.com\\\/pflpetroleum\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/20513933\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCO9L3c7NjG9qoB1BmKf_Hsg\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#\\\/schema\\\/person\\\/b52cec883a82d94540b07fb1f9e49319\",\"name\":\"Curtis Chandler\",\"description\":\"Throughout his career, Curtis has held various significant roles in renowned energy organizations. He served as the Principal &amp; Director of Blackstone Energy Services Inc. &amp; played a crucial role as the Managing Director of Collingwood Ethanol L.P. He also worked as a Partner at Intercontinental Energy Brokers Inc., specializing in derivatives. Curtis's also served as the Director of Marketing &amp; Supply at Novagas Clearinghouse Ltd., a subsidiary of Dynegy Canada Inc. Additionally, he held the position of VP at Great West Energy Ltd., a subsidiary of Bow Valley Energy Inc., where he played an instrumental role in establishing the company. Curtis also co-founded of Great West Energy with his father in 1988. During the rapid growth of Great West Energy, Curtis oversaw information systems, managed supply purchasing &amp; sales, &amp; played a pivotal role in new market development. Curtis also worked as a market maker at Novagas, responsible for pricing decisions across all regions of Canada. In 1994, he co-founded Chandler Energy Inc. (CEI) &amp; Chandler Energy Resources Inc. These companies quickly became prominent players in the Canadian natural gas market, moving substantial volumes of gas to customers in North America. Chandler Energy Resources collaborated with Dominion Energy &amp; Sabine to develop an underground natural gas storage facility near Edmonton, Alberta. Following these successes, Curtis established Intercontinental Energy Brokers in 1997, which emerged as a leading gas &amp; power broker in Europe before being sold to ICAP in 2003. 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He served as the Principal &amp; Director of Blackstone Energy Services Inc. &amp; played a crucial role as the Managing Director of Collingwood Ethanol L.P. He also worked as a Partner at Intercontinental Energy Brokers Inc., specializing in derivatives. Curtis's also served as the Director of Marketing &amp; Supply at Novagas Clearinghouse Ltd., a subsidiary of Dynegy Canada Inc. Additionally, he held the position of VP at Great West Energy Ltd., a subsidiary of Bow Valley Energy Inc., where he played an instrumental role in establishing the company. Curtis also co-founded of Great West Energy with his father in 1988. During the rapid growth of Great West Energy, Curtis oversaw information systems, managed supply purchasing &amp; sales, &amp; played a pivotal role in new market development. Curtis also worked as a market maker at Novagas, responsible for pricing decisions across all regions of Canada. In 1994, he co-founded Chandler Energy Inc. (CEI) &amp; Chandler Energy Resources Inc. These companies quickly became prominent players in the Canadian natural gas market, moving substantial volumes of gas to customers in North America. Chandler Energy Resources collaborated with Dominion Energy &amp; Sabine to develop an underground natural gas storage facility near Edmonton, Alberta. Following these successes, Curtis established Intercontinental Energy Brokers in 1997, which emerged as a leading gas &amp; power broker in Europe before being sold to ICAP in 2003. 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