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%).
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