Week in Review – October 9, 2020

WTI crude finished higher this week. After heavy speculation over the weekend about the President’s health, the market rose on Monday on news that Trump was recovering from the coronavirus.  News of his recovery erased much of the previous week’s losses to start this week.

Trump called for a halt to stimulus negotiations, then reversed course later by saying Congress should focus on passing a narrow deal. While negotiations have stalled for a broad stimulus package, markets hope a small, targeted bill can pass before the election.

Hurricane Delta is expected to make landfall along the Gulf Coast today.  The storm has shut in crude production of nearly 1.5 MMbpd or 80% of Gulf production.  Concerns about supply disruptions lifted markets this week, but crude prices will likely fall later on as refineries slow their crude purchases in the affected areas.

Prices in Review

WTI Crude opened the week at $37.00 and followed a steady upward track throughout the week. Crude opened Friday at $41.31, a lofty increase of $4.31 cents (11.6%).

Diesel opened the week at $1.0845. It generally followed crude throughout the week. Diesel opened Friday at $1.1895, a gain of 10.5 cents (9.7%).

Gasoline opened the week at $1.1274.  Like diesel, gasoline tracked closely with the broader petroleum market’s gains. Gasoline opened Friday at $1.2338, a gain of 10.6 cents (9.4%).

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.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote