Week in Review – September 6, 2019
The Crude Market was up during this short trading week. The market took a downward turn on Tuesday following US-China tariff implementation and Hurricane Dorian cutting into demand. Markets moved higher later in the day on positive news about Brexit and economic data from China.
Reports from the API were delayed due to the short week. The news was bearish, showing a small build in crude when the expectation was a modest draw, but traders were bullish and waited on the EIA’s report which proved the bulls right. The EIA reported a larger than expected crude draw on Thursday, yet markets still chose to move lower. The market is down in early trading on Friday. So far, no long-term infrastructure issues have been reported following Dorians near-miss with Florida and Georgia, though the storm will continue hitting North Carolina today.
Prices in Review
WTI Crude opened the week at $55.00. Most of the week’s gains came on the heels of positive economic new coming in from China and positive Brexit news. Crude opened Friday at $56.19, a gain of $1.19 (2.2%).
Diesel opened the week at $$1.8302. It followed crude throughout the week. Diesel opened Friday at $1.8868, a gain of 5.7 cents (3.1%).
Gasoline opened the week at $1.5285. It also followed crude through the week. On Friday gasoline opened at $1.5461, a gain of 1.8 cents (1.2%).
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