The crude market was down substantially (-26.7%) for the week. The major news moving markets this week started over the weekend when the Fed made an emergency cut to interest rates bringing them to nearly zero. While this was meant to energize the markets, it had the opposite effect. Equities and crude both moved lower to start the week.
Also in the news, Goldman Sachs slashed price targets for 2Q crude to $20/bbl from $30/bbl. They cited demand destruction caused by the coronavirus and the oversupply situation from OPEC producers as the factors affecting their decision to cut their forecast. This action put downward pressure on the crude market, pushing WTI Crude near $20/bbl mid-week.
Prices in Review
WTI Crude opened the week at $33.75. The price was driven downward through mid-week, however, it began to recover some of those losses to close out the week. Crude opened Friday at $24.73, a loss of $9.02 (-26.7%).
Diesel opened the week at $1.2280. It generally followed crude through the week. Diesel opened Friday at $1.0414, a loss of 18.7 cents (-15.2%).
Gasoline opened the week at $0.9150. It generally followed crude through the week. Gasoline opened Friday at $0.6850, a loss of 23 cents (-25.1%).