For the week, crude prices were up slightly. The week started up on Monday on news of falling rig counts. On Tuesday the market spiked over $2 on the news that Trump would delay part of the latest round of tariffs from September to December.
However, Wednesday brought back recessionary fears as the yield curve inverted – a reliable sign that a recession is coming. The market wiped out most of Tuesdays gains and is up marginally for the week as trading ended the week relatively flat.
Prices in Review
WTI Crude opened the week at $54.32. Tariff delay brought the market up, but yield curve inversion the next day brought the market back down. Crude opened Friday at 54.74, a gain of 42 cents (0.8%).
Diesel opened the week at $1.7964. It followed crude through the ups and downs of the week. Diesel opened Friday at $1.8120, a gain of 1.6 cents (0.9%).
Gasoline opened the week at $1.6663. It followed the market movements of crude throughout the week but ended lower. Gasoline opened Friday at $1.6392, a loss of 2.7 cents (-1.6%).