The Crude Market was up for the week. The week started with positive comments from China regarding trade talks which helped to lift the market. However, by mid-week, inventory news was the major headline driving markets.
On Wednesday, the EIA reported a surprise crude draw of 1.7 MMbbls versus expectations of a crude build of 2.2 MMbbls. Traders were happy to latch on to the bullish news and drove markets higher to close out the week.
Prices in Review
WTI Crude opened the week at $53.71. It tracked higher through the week. Crude opened Friday at $56.07, a gain of $2.36 (4.4%).
Diesel opened the week at $1.9438. It generally followed crude through the week. Diesel opened Friday at $1.9838, a gain of 4.0 cents (2.1%).
Gasoline opened the week at $1.6159. It followed crude through out the week. Gasoline opened Friday at $1.6595, a gain of 4.4 cents (2.7%).