For the week, the Crude Market was relatively flat, but saw a lot of action. Monday saw intraday trading well above a dollar higher than the close which ended Monday relatively flat. Tuesday saw a small rally on the news of likely continued production cuts through the end of the year from OPEC+, but mid-week inventory reports from the EIA of a large surprise build drove prices lower.
We saw the week ending with oil following U.S. equities higher after news from the Fed that they would lower rates in the event of an economic slowdown caused by the trade war with China. In early trading today, we see a continuation of that rally.
Prices in Review
WTI Crude opened the week at $53.42. We saw a mixed market through the week with a surprise build pushing prices lower and equities pulling crude higher. Crude opened Friday at $53.10, a loss of 32 cents (-0.6%).
Diesel opened the week at $1.8391. It followed crude throughout the week. On Friday diesel opened at $1.8011, a loss of 3.8 cents (-2.1%).
Gasoline opened the week at $1.7607. It followed crude during the week. It opened Friday at $1.7240, a loss of 3.7 cents (-2.1%).