The week began with optimism regarding a stimulus package being discussed in the House. Democratic leaders proposed a new $2.2 Trillion bill to inject cash into the US economy. While both sides of the aisle agree stimulus is needed, they disagree on how much money should be spent.
In inventory news, a surprise draw in WTI crude helped to lift the market mid-week, but concern over rising coronavirus cases in the US and Europe continued to put a cap on prices. In addition, the return of Libyan oil to the market this week is adding to the concern of over-supply.
Markets are down to close the week on news of President Trump’s positive COVID-19 test result. The president has begun quarantine already, but equities and commodities markets in the US and Europe are falling on the news.
Prices in Review
WTI Crude opened the week at $40.07. It followed a choppy path throughout the week. Crude opened Friday at $38.60, a decrease of $1.47 (-3.7%).
Diesel opened the week at $1.1267. It dropped precipitously mid-week only to quickly spike higher on inventory news then drop again. Diesel opened Friday at $1.1183 a loss of 0.8 cents (-0.7%). Diesel is dropping lower in early trading this morning.
Gasoline opened the week at $1.2099. It followed a generally downward track throughout the week to close the week lower. Gasoline opened Friday at $1.1465, a loss of 6.3 cents (-5.2%).