The crude market was down for the week. The major news driving markets this week is the Coronavirus coming from China. The sickness has stoked the fear that people will travel less or stop travelling all together. According to Goldman Sachs, oil markets are likely to take a hit from China’s deadly coronavirus, with aviation fuel suffering the most. The virus that originated in Wuhan could result in global oil demand falling by up to 260 kbpd in 2020, with jet fuel accounting for around two-thirds of the loss. The crude market is down in early trading today.
Prices in Review
WTI Crude opened the week on Tuesday at $59.17. It followed a downward trend through the week. Crude opened Friday at $55.69, a loss of $3.48 (-5.9%).
Diesel opened the week at $1.8777. It followed crude on a downward trend through the week. Diesel opened Friday at $1.7933, a loss of 8.4 cents (-4.5%).
Gasoline opened the week at $1.6524. It generally followed crude through the week. Gasoline opened Friday at $1.5636, a loss of 8.9 cents (-5.4%).