For the week, the Crude Market was down sharply. It started out Monday down slightly on news that Tropical Storm Barry brought minimal damage to fueling infrastructure. In addition, China had reported slowing GDP growth for Q2.
By mid-week we saw tension with Iran in the news as a factor affecting markets. News of rising and falling tensions with Iran could not overcome the large fuel inventory builds that helped bring the markets lower for the week.
Prices in Review
WTI Crude opened the week at $60.25. Bearish fuel inventory data was the primary factor bringing the market down this week. Crude opened Friday at $55.72, a loss of $4.53 (-7.5%).
Diesel opened the week at $1.9742. Large reported builds helped bring the price lower. Diesel opened Friday at $1.8486, down 12.6 cents (-6.4%).
Gasoline opened the week at $1.9700. An inventory build here also helped bring the market lower. Gasoline opened Friday at $1.8486, a loss of 12 cents (-6.2%).