Week in Review – February 12, 2021
After nearly two straight weeks of rallying oil prices, oil markets finally halted their streak during Thursday’s trading session. The market experienced bullish price drivers this week, including a sizable crude oil draw reported by the EIA midweek. Overall, the two-week rally caused crude prices to rise by $5/bbl, diesel by $.15, and gasoline by $.08.
Prices in Review
Crude oil prices moved higher throughout most of the week, trading a bit lower on Thursday but moving a bit higher on Friday morning. Crude opened at $57.06 on Monday, and climbed to open at $$57.94, a gain of 88 cents (1.5%).
Diesel prices moved in longstep with crude, matching every peak and valley. Diesel prices opened on Monday at $1.7149. They climbed throughout the week, but gave up some gains on Thursday. On Friday, diesel opened at $1.7415, a gain of 2.6 cents (1.6%).
Gasoline prices had a bumpier week, opening at $1.6517 and seeing choppier trading action throughout the week. A large gasoline inventory build caused prices to fall midweek, and they never recovered. Gasoline opened on Friday at $1.6446, a small loss of 0.7 cents (0.4%).
This article is part of Daily Market News & Insights
Tagged: bull, crude forecast, Supercycle
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