WTI crude started the week higher on news of vaccine distribution beginning in the US. Fuel prices have been rising faster than crude prices, and recently crack spreads have been above $10, signaling the likely return of refinery utilization.
Falling crude inventories reported by the EIA mid-week helped to continue the rally as a crude draw in line with expectations helped to boost the vaccine-related optimism. In the background of those trends, a weakening dollar for the past few weeks has been pushing oil prices to fresh highs. WTI crude is on track to close the week with its seventh consecutive weekly gain.
Prices in Review
WTI Crude opened the week at $46.73. It was a steady climb throughout the week to close the week higher. Crude opened Friday at $48.43, an increase of $1.70 (3.6%).
Diesel opened the week at $1.4393. It followed crude throughout the week to close the week higher. Diesel opened Friday at $1.4935, a gain of 5.4 cents (3.8%).
Gasoline opened the week at $1.3113. It rose throughout the week to close the week up. Gasoline opened Friday at $1.3894, a gain of 7.8 cents (6.0%).
