{"id":9426,"date":"2023-05-02T18:40:18","date_gmt":"2023-05-02T22:40:18","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=9426"},"modified":"2023-06-16T15:49:09","modified_gmt":"2023-06-16T19:49:09","slug":"petroleum-daily-report-5-2-2023","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-5-2-2023\/","title":{"rendered":"Petroleum Daily Report 5-2-2023"},"content":{"rendered":"\n<h3 align=\"center\"><a href=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/05\/Petroleum_Daily522023.pdf\">On Mobile? Click here to download the PDF<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices tanked today to five-week lows despite larger-than-anticipated crude draws. This was the largest one-day drop since January and the lowest since March 24th. Recession fears have been the big driver of bearish sentiment as of late. &#8220;The U.S. economy continues to evolve in a manner consistent with a recession commencing later this year,&#8221; analysts at Barclays, a bank, said in a note. &#8220;The manufacturing sector is contracting, the consumer is struggling, There are broadening signs of cracks emerging within the labor market,&#8221; Barclays said. The market is also on edge about ongoing debt ceiling negotiations and the chance of a US government default. WTI traded down $4.00 or -5.3% to close at $71.66. Brent traded down $3.99 or 5% to close at $75.32.<\/p>\n\n\n\n<br><embed src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/05\/Petroleum_Daily522023.pdf\" type=\"application\/pdf\" width=\"100%\" height=\"960\">\n","protected":false},"excerpt":{"rendered":"<p>Oil prices tanked today to five-week lows despite larger than anticipated crude draws.<\/p>\n","protected":false},"author":2,"featured_media":9320,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Petroleum Markets Report for May 2nd, 2023<\/title>\n<meta name=\"description\" content=\"Oil prices tanked today to five-week lows despite larger than anticipated crude draws.\" \/>\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\/petroleum-daily-report-5-2-2023\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Cohen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/petroleum-daily-report-5-2-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/petroleum-daily-report-5-2-2023\\\/\"},\"author\":{\"name\":\"David 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