{"id":9711,"date":"2023-05-31T19:07:12","date_gmt":"2023-05-31T23:07:12","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=9711"},"modified":"2023-07-28T12:28:06","modified_gmt":"2023-07-28T16:28:06","slug":"petroleum-daily-report-5-31-2023","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-5-31-2023\/","title":{"rendered":"Petroleum Daily Report 5-31-2023"},"content":{"rendered":"\n<p>Oil prices were lower today pressured by a stronger dollar and continued fear over the US debt ceiling. The dollar index had some support today from cooling European inflation which was a drag on prices. Also dragging down prices, Chinese manufacturing data contracted faster than expected in May as weakening demand cut the PRCs manufacturing PMI. &#8220;We have weaker-than-expected Chinese data, the debt limit situation, two years of flat spending, and likely another rate hike next month weighing on markets,&#8221; said Bob Yawger, director of energy futures at Mizuho. WTI traded down $1.37 or -2% to close at $68.09. Brent traded down $1.11 to close at $72.60.<\/p>\n\n\n\n<h3 align=\"center\"><a href=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/05\/Petroleum_Daily5312023.pdf\" download>On Mobile? Click here to download as PDF<\/a><br><embed src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/05\/Petroleum_Daily5312023.pdf\" type=\"application\/pdf\" width=\"100%\" height=\"960\" title=\"Oil prices were lower today pressured by a stronger dollar and continued fear over the US debt ceiling. The dollar index had some support today from cooling European inflation which was a drag on prices. Also dragging down prices, Chinese manufacturing data contracted faster than expected in May as weakening demand cut the PRCs manufacturing PMI. \"We have weaker-than-expected Chinese data, the debt limit situation, two years of flat spending, and likely another rate hike next month weighing on markets,\" said Bob Yawger, director of energy futures at Mizuho. WTI traded down $1.37 or -2% to close at $68.09. Brent traded down $1.11 to close at $72.60. \"><\/h3>\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\/03\/Stampede-2026.jpg\" alt=\"Stampede\" class=\"wp-image-11405\"\/>\r\n<\/figure>\r\n<font color=\"black\">\r\n\t<ul>\r\n\t\t<li>Where: Calgary<\/li>\r\n\t\t<li>Attending: David Cohen (954-729-4774), Curtis Chandler(239-405-3365), Cyndi Popov (403-402-5043)   <\/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\/03\/Mars-Lake-Geneva-2026.jpg\" alt=\"swars\" class=\"wp-image-11405\"\/>\r\n<\/figure>\r\n<font color=\"black\">\r\n\t<ul>\r\n\t\t<li>Where: Grand Geneva Resor<\/li>\r\n\t\t<li>Attending: Brian Baker (239.297.4519) <\/li>\r\n\t\t<li><a href=\"https:\/\/www.mwrailshippers.com\/event\/2026-summer-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Conference Website<\/a><\/li>\r\n\t<\/ul>\r\n<\/font>\n","protected":false},"excerpt":{"rendered":"<p>The dollar index had some support today from cooling European inflation which was a drag on prices. <\/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-9711","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 v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The PFL Petroleum Markets Report for May 31st, 2023<\/title>\n<meta name=\"description\" content=\"The dollar index had some support today from cooling European inflation which was a drag on prices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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