WTI crude started the week relatively flat on light news. It finished the week higher as vaccine optimism took over with the rollout of a coronavirus inoculation program in the United Kingdom.
An astonishing 15 MMbbl crude build reported by the EIA mid-week could not dampen the optimism generated by vaccine news. The successful rollout of the first vaccine program among Western countries started Tuesday in the United Kingdom. On Wednesday, the Pfizer-BioNTech vaccine was approved for use in Canada, with 249,000 doses expected by the end of the year. In the US, the same vaccine was approved as the week came to a close, and experts expect the distribution of the vaccine this month. Traders are keeping a close eye on the vaccine rollout and are hopeful that it signals a return to normalcy for the economy and fuel demand.
Prices in Review
WTI Crude opened the week at $46.15. It was relatively flat to mid-week but closed the week higher on vaccine optimism. Crude opened Friday at $46.97, an increase of 82 cents (1.8%).
Diesel opened the week at $1.3991. It followed crude throughout the week to close the week higher. Diesel opened Friday at $1.4379 a gain of 3.9 cents (2.8%).
Gasoline opened the week at $1.2645. It rose to mid-week to close the week up. Gasoline opened Friday at $1.3166, a gain of 5.2 cents (4.1%).