After nearly two straight weeks of rallying oil prices, oil markets finally halted their streak during Thursday’s trading session. The market experienced bullish price drivers this week, including a sizable crude oil draw reported by the EIA midweek. Overall, the two-week rally caused crude prices to rise by $5/bbl, diesel by $.15, and gasoline by $.08.
Prices in Review
Crude oil prices moved higher throughout most of the week, trading a bit lower on Thursday but moving a bit higher on Friday morning. Crude opened at $57.06 on Monday, and climbed to open at $$57.94, a gain of 88 cents (1.5%).
Diesel prices moved in longstep with crude, matching every peak and valley. Diesel prices opened on Monday at $1.7149. They climbed throughout the week, but gave up some gains on Thursday. On Friday, diesel opened at $1.7415, a gain of 2.6 cents (1.6%).
Gasoline prices had a bumpier week, opening at $1.6517 and seeing choppier trading action throughout the week. A large gasoline inventory build caused prices to fall midweek, and they never recovered. Gasoline opened on Friday at $1.6446, a small loss of 0.7 cents (0.4%).