Week in Review – February 12, 2021

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%).

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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