Week in Review – July 31, 2020

By Published On: July 31, 2020Categories: Daily Market News & Insights, Week in Review

WTI Crude finished the week lower as the coronavirus pandemic continues to weigh on the economy.  A recent surge in cases across the country caused a rollback of reopening plans and rekindled fears of demand concerns in the crude market.

In inventory news, a large surprise draw of 10.6 MMbbls reported by the EIA barely moved the market.  The draw originated from rising refinery utilization, increased demand in products, and a sharp decline in imports to the Gulf Coast. Positive news this week has been overshadowed by concerns surrounding the pandemic.

The Fed this week has done its part to spur the economy by keeping rates low and continuing to support the country during this challenging time. Fed Chair Powell commented that Congress needs to do its part by agreeing on a stimulus package to bolster the economy.  Time is running out to reach an agreement as the August 7 recess approaches. Despite the Fed’s economic support, the US dollar shrank to two-year lows, providing upward price pressure for commodities markets.

Prices in Review

WTI Crude opened the week at $41.26.  It followed a choppy path through the week, closing well below it’s opening level. Crude opened Friday at $40.34, a loss of 92 cents (-2.2%).

Diesel opened the week at $1.2563 and generally followed crude throughout the week. Diesel opened Friday at $1.2235, a loss of 3.3 cents (-2.6%).

Gasoline opened the week at $1.2848.  The product demonstrated a more pronounced downward trend throughout the week. Gasoline opened Friday at $1.2370, a loss of 4.8 cents (-3.7%). With the August futures contract expiring today, expect to see lower NYMEX prices on Monday as summer spec gasoline requirements phase-out, though these won’t reach the physical market for a few weeks.

This article is part of Daily Market News & Insights

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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