{"id":9812,"date":"2023-06-05T18:51:45","date_gmt":"2023-06-05T22:51:45","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=9812"},"modified":"2023-07-28T12:27:33","modified_gmt":"2023-07-28T16:27:33","slug":"petroleum-daily-report-6-5-2023","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-6-5-2023\/","title":{"rendered":"Petroleum Daily Report 6-5-2023"},"content":{"rendered":"\n<h3 align=\"center\"><a href=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/06\/Petroleum_Daily652023.pdf\" download>On Mobile? Click here to download the PDF<\/a><\/h3>\n\n\n\n<p>Oil prices were higher today after the Saudis announced production cuts of an additional 1MM\/bbls. According to the Saudi Energy Minister, the kingdom&#8217;s output is set to fall to 9MM\/bpd from 10MM\/bpd. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. &#8220;The market is still trying to assess the impact of what the Saudi production cut actually means,&#8221; said Phil Flynn, an analyst at Price Futures Group. &#8220;Oil seems to be taking the news as very bullish, and it is.&#8221; WTI traded up $.41 to close at $72.15. Brent traded up $.58 to close at $76.71.<\/p>\n\n\n\n<embed src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/06\/Petroleum_Daily652023.pdf\" type=\"application\/pdf\" width=\"100%\" height=\"960\" title=\"Crude Oil Report\" alt=\"Oil prices were higher today after the Saudis announced to production cuts of an additional 1MM\/bbls. According to the Saudi Energy minister the kingdoms output is set to fall to 9MM\/bpd from 10MM\/bpd. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in coming weeks. \"The market is still trying to assess the impact of what the Saudi production cut actually means,\" said Phil Flynn, an analyst at Price Futures Group. \"Oil seems to be taking the news as very bullish, and it is.\" WTI traded up $.41 to close at $72.15. Brent traded up $.58 to close $76.71. \">\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>Oil prices were higher today after the Saudis announced to production cuts of an additional 1MM\/bbls<\/p>\n","protected":false},"author":2,"featured_media":9560,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9812","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 June 5th, 2023<\/title>\n<meta name=\"description\" content=\"Oil prices were higher today after the Saudis announced to production cuts of an additional 1MM\/bbls\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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