{"id":9920,"date":"2023-06-06T15:01:39","date_gmt":"2023-06-06T19:01:39","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=9920"},"modified":"2023-07-28T12:27:35","modified_gmt":"2023-07-28T16:27:35","slug":"petroleum-daily-report-6-6-2023","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-6-6-2023\/","title":{"rendered":"Petroleum Daily Report 6-6-2023"},"content":{"rendered":"\n<p>Oil prices were lower today on worries of sluggish economic growth hurting energy demand. This outweighed the production cuts announced by Saudi Arabia on Monday. The Kingdom also unexpectedly cut its selling price to Asian buyers again. However, the Saudi supply cut is unlikely to achieve a &#8220;sustainable price increase&#8221; into the high $80s and low $90s due to weaker demand, stronger non-OPEC supply, slower economic growth in China and potential recessions in the U.S. and Europe, Citi analysts said in a note. &#8220;Crude prices are heavy as global growth concerns continue to suggest a much weaker crude demand outlook,&#8221; said Edward Moya, senior market analyst at data and analytics firm OANDA. The US dollar was also stronger today hurting crude prices. WTI traded down $.41 or -.6% to close at $71.74. Brent traded down $.42 or -.6% to close at $76.29.<\/p>\n\n\n\n<h3 align=\"center\"><a href=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/06\/Petroleum_Daily662023.pdf\" download>On Mobile? Click here to download the PDF<\/a><\/h3>\n\n\n\n<embed src=\"https:\/\/pflpetroleum.com\/reports\/wp-content\/uploads\/2023\/06\/Petroleum_Daily662023.pdf\" type=\"application\/pdf\" width=\"100%\" height=\"960\" title=\"Crude Oil Report\" alt=\"\">\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 lower today on worries of sluggish economic growth hurting energy demand. This outweighed the production cuts announced by Saudi Arabia on Monday. The Kingdom also unexpectedly cut its selling price to Asian buyers again. However, the Saudi supply cut is unlikely to achieve a &#8220;sustainable price increase&#8221; into the high $80s and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":184,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9920","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 6th, 2023<\/title>\n<meta name=\"description\" content=\"the Saudi supply cut is unlikely to achieve a &quot;sustainable price increase into the high $80s &amp; low $90s due to weaker demand\" \/>\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-6-6-2023\/\" \/>\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-6-6-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/petroleum-daily-report-6-6-2023\\\/\"},\"author\":{\"name\":\"David Cohen\",\"@id\":\"https:\\\/\\\/pflpetroleum.com\\\/reports\\\/#\\\/schema\\\/person\\\/a1626ada30eb419d743c03635e5ea619\"},\"headline\":\"Petroleum Daily Report 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