Week in Review – August 14, 2020

WTI Crude finished the week higher as Saudi Arabia began the week by limiting exports to the US in an attempt to manipulate prices in the most transparent energy market in the world. Over the weekend, Trump issued executive orders to support the economy while Congress continues struggling to reach a consensus regarding a pandemic stimulus package.

In inventory news, draws in WTI Crude and products reported by the EIA mid-week helped to lift markets but were offset somewhat by the IEA downgrading demand forecasts for the year. The IEA reduced the 2020 forecast by 140 kb/d, the first downgrade in several months.

Prices in Review

WTI Crude opened the week at $41.50.  It followed a choppy path through the week to end the week higher. Crude opened Friday at $42.33, a gain of 83 cents (2.0%).

Diesel opened the week at $1.2268. It generally followed crude throughout the week. Diesel opened Friday at $1.2425, a gain of 1.6 cents (1.3%).

Gasoline opened the week at $1.2195.  It also generally followed crude throughout the week. Gasoline opened Friday at $1.2364, a gain of 1.7 cents (1.4%).

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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