Week in Review – March 20, 2020

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%).

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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