For the week, the Crude Market was up. Early in the week, the Fed’s dovish stance and positive sentiment regarding the trade war with China helped to lift markets. A much larger than expected crude draw reported by the EIA gave the market a boost to close out the week.
Making headlines as the week closes is news of the powerful storm Dorian threatening Florida. The storm is expected to make landfall in central Florida over the weekend. Fueling infrastructure in Florida is isolated from the rest of the country, so we do not expect any national impacts to crude or fuel from the hurricane.
Prices in Review
WTI Crude opened the week at $53.25. It rose steadily throughout the week. On Friday, crude opened at $56.63, a gain of $3.38 (6.3%).
Diesel opened the week at $1.7964. It followed crude through the week, but gains were more muted. Diesel opened Friday at $1.8600, a gain of 6.4 cents (3.5%).
Gasoline opened the week at $1.6378. It followed crude through the week but started to lose ground as the week closed. On Friday Gasoline opened at $1.6828, a gain of 4.5 cents (2.7%).