Week in Review November 8, 2019
Crude markets were up for the week. Positive sentiment regarding trade talks between the US and China overshadowed bearish inventory news this week. Agreements between the two countries to cancel tariffs in different phases was the major market driver to close out the week.
Mid-week news from the EIA regarding a larger-than-expected crude build moved markets lower on Wednesday, but the crude market rebounded on Thursday on positive trade news. Markets are moving lower early on Friday as we see profit taking among traders.
Prices in Review
WTI Crude opened the week at $56.41. The market followed news on inventory and China throughout the week to remain relatively flat. Crude opened Friday at $57.08, a gain of 67 cents (+1.2%). The market appears to be giving back those gain in early trading on Friday.
Diesel opened the week at $1.9411. It was flat until mid-week when it started a downward trajectory. Diesel opened Friday at $1.9191, a loss of 2.2 cents (-1.1%).
Gasoline opened the week at $1.6558. It more closely followed diesel than crude through the week. Gasoline opened Friday at $1.6399, a loss of 1.6 cents (-1.0%).
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