Week in Review – November 15, 2019

By Published On: November 15, 2019Categories: Crude, Daily Market News & Insights, Diesel, Gasoline

The Crude Market was down for the week.  The market was up and down to start the week as it tried to figure out what to make of pessimistic trade news and OPEC’s jawboning to start the week.  Traders seemed to latch onto bullish inventory news reported by the API late Wednesday of a surprise small draw.

API estimates did not come to fruition as the EIA reported a larger-than-expected build in crude stock.  However, the market did realize the first draw at Cushing in seven weeks.  This mixed news seems to be driving markets sideways this morning.

Prices in Review

WTI Crude opened the week at $57.40.  Inventory news seems to have been the major driver to end the week lower.  Crude opened Friday at $56.91, a loss of 49 cents (-0.9%).

Diesel opened the week at $1.9212.  It generally followed crude through the week.  Diesel opened Friday at $1.9180, a fractional loss (-0.2%).

Gasoline opened the week at $1.6338.  It also followed crude through the week.  Gasoline opened Friday at $1.6191, a loss of 1.5 cents (-0.9%).

This article is part of Crude

Tagged: API, eia, inventory, opec

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