Week in Review – June 26, 2020

WTI Crude finished the week lower after a choppy ride throughout the week. The week started off higher as Trump clarified that the US-China trade deal is “fully intact,” after earlier negative statements by White House trade advisor Navarro.

EIA inventory news mid-week put downward pressure on markets as crude inventories rose. Also mid-week, IMF cuts to global economic forecasts put doubts on oil demand recovery which drove markets lower. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the IMF projected the recovery to be more gradual than previously forecast.

Prices in Review

WTI Crude opened the week at $39.18. It started higher in the beginning of the week and fell by mid-week based on EIA and IMF news.  Prices are rising in early trading this morning. Crude opened Friday at $39.09, a loss of 9 cents (-0.2%).

Diesel opened the week at $1.2000. It followed crude throughout the week.  Diesel opened Friday at $1.1597, a loss of 4.0 cents (-3.4%).

Gasoline opened the week at $1.2653. It also followed crude throughout the week.  Gasoline opened Friday at $1.2057, a loss of 6.0 cents (-4.7%).

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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