Week in Review – November 22, 2019

Wayne Lee

The crude market was up for the week.  The market was down to start the week as it dealt with pessimistic trade news.  In addition, Russia had announced it was against deeper supply cuts.  The oil complex seemed to ignore any bearish news to end the week and it surged higher on even the slightest bullish news.

Markets were lifted when Russia affirmed that it would continue its cooperation with OPEC to keep the global oil market balanced.  Pessimistic trade sentiment from US-China trade talks at the end of the week was ignored as traders seemed to latch onto slightly bullish inventory news reported by the EIA of a smaller-than-expected build in crude stocks and a sizable draw from Cushing for the second straight week.

Prices in Review

WTI Crude opened the week at $57.88. It was down to start the week but finished higher – starting the rally mid-week.  Crude opened Friday at $58.31, a gain of 43 cents (0.7%).

Diesel opened the week at $1.9533. It started down for the week and rallied mid-week to finish the week still down.  Diesel opened Friday at $1.9401, down 1.3 cents (-0.7%).

Gasoline opened the week at $1.6402.  It was relatively flat to open the week and rallied mid-week to close higher.  Gasoline opened Friday at $1.6971, a gain of 5.7 cents (3.5%).

Week in Review – November 15, 2019

Wayne Lee

The Crude Market was down for the week.  The market was up and down to start the week as it tried to figure out what to make of pessimistic trade news and OPEC’s jawboning to start the week.  Traders seemed to latch onto bullish inventory news reported by the API late Wednesday of a surprise small draw.

API estimates did not come to fruition as the EIA reported a larger-than-expected build in crude stock.  However, the market did realize the first draw at Cushing in seven weeks.  This mixed news seems to be driving markets sideways this morning.

Prices in Review

WTI Crude opened the week at $57.40.  Inventory news seems to have been the major driver to end the week lower.  Crude opened Friday at $56.91, a loss of 49 cents (-0.9%).

Diesel opened the week at $1.9212.  It generally followed crude through the week.  Diesel opened Friday at $1.9180, a fractional loss (-0.2%).

Gasoline opened the week at $1.6338.  It also followed crude through the week.  Gasoline opened Friday at $1.6191, a loss of 1.5 cents (-0.9%).

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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