# After Early Weakness, New Year Market Surges - Mansfield Energy

> Oil prices rallied in early January after an early dip below $45 per barrel, with WTI near $46.69 and diesel and gasoline also higher. The rally came despite China's factory activity hitting a 19-month low and its cut to 2019 crude import quotas, offset by OPEC+ output cuts of 1.2 million barrels per day.

- Date: 2019-01-02 · published 2019-01-02T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/12481-after-early-weakness-new-year-market-surges-mansfield-energy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

OPEC+ supply cuts support crude and diesel prices, which feed through to freight and processing costs for feed. Weaker Chinese demand and import quota cuts are a bearish offset that limits upside.

## Read by commodity

- WTI: bullish ▲
- DIESEL: bullish ▲

## Sources

- mansfield.energy: https://mansfield.energy/2019/01/02/after-early-weakness-new-year-market-surges/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.