For the week, the Crude Market was relatively flat overall with some peaks and valleys mid-week. The week started out up with positive news about China trade talks. In addition, Iran’s seizure of a British tanker helped to move the market up on Monday.
Mid-week spike in prices were influenced by an 11 MMbbls draw on crude inventory, but even this large draw could not overcome news about easing Iran tensions which caused the markets to revert lower.
Prices in Review
WTI Crude opened the week at $56.22. Conflicting factors of a large draw on inventory and easing Iran tensions helped to keep the market relatively flat for the week. Crude opened Friday at $55.93, a loss of 29 cents (-0.5%).
Diesel opened the week at $1.9001. Diesel generally followed crude for the week. Diesel opened Friday at $1.9070, up fractionally, 0.7 cents (0.4%).
Gasoline opened the week at $1.8530. It had a small draw instead of an expected moderate build which helped buoy prices. Gasoline opened Friday at $1.8803, a gain of 2.7 cents (1.5%).