Week in Review – January 15, 2021

WTI crude started the week lower after last week’s news of voluntary supply cuts from Saudi Arabia had sparked a rally. Vaccine news began this multi-week rally in earnest back in November, and the market marched steadily higher each week, supported by a weaker dollar until recently.

The $1.9 Trillion economic stimulus package announced by President-Elect Biden this week helped put upward pressure on the market, but growing numbers of coronavirus cases in China and more stringent lockdown restrictions in Europe gave pause to the rally. In addition, bearish product inventory numbers reported by the EIA mid-week put a cap on gains.

Prices in Review

WTI Crude opened the week at $52.58. It charted a choppy path to close the week higher. Crude opened Friday at $53.80, an increase of $1.22 (2.3%).

Diesel opened the week at $1.5855. It followed crude throughout the week to close the week higher. Diesel opened Friday at $1.6201, a gain of 3.5 cents (2.2%).

Gasoline opened the week at $1.5470.  It followed a choppy path to eke out a small gain for the week. Gasoline opened Friday at $1.5597, a gain of 1.3 cents (0.8%).

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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