• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 7 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 35 mins Most ridiculous green proposal
  • 3 hours Rethinking election outcomes for oil.
  • 11 hours China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 2 hours Video Evidence that the CCP controls Joe Biden
  • 1 day The Leslie Stahl/60 Minutes Interview with President Trump
  • 4 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 9 hours P@A will cost Texas Taxpayers $117 Billion.
  • 8 hours Republicans Have Become the Party of Hate
  • 2 days Even Obama can't muster a crowd to support Biden.
  • 9 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 1 day WallStreet Journal editorial " . . Big Tech-Media are the propaganda arm of Democrat Party leading to one party autocratic rule. " This is the State of the Union.
  • 2 days Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 1 day Permian in for Prosperous and Bright Future
  • 1 day Clean Energy Is Canceling Gas Plants
  • 2 days America's Frontline Doctors - Safely Start Living Again!
Editorial Dept

Editorial Dept

More Info

Premium Content

Oil At A Crossroads As COVID-19 Infections Surge

U.S. West Texas Intermediate crude oil futures are trading mixed at the end of the week and poised to close lower for the week as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Meanwhile, the International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday, but warned that the spread of COVID-19 posed a risk to the outlook.

“While the oil market has undoubtedly made progress…the large, and in some countries, accelerating number of COVID-19 cases is a disturbing reminder that the pandemic is not under control,” the IEA said.

Prices also dropped after Libya National Oil Corporation announced it had lifted its force majeure on all oil exports after a half-year blockade by eastern forces.

The new worries about fuel demand surfaced just one day after data from the U.S. Energy Information Administration showed U.S. gasoline stockpiles fell by 4.8 million barrels last week, much more than analysts expected, as demand hit its highest level since March 20.

Investors are starting to lighten up on the long side because they feel support will disappear after this week as coronavirus cases are surging in several U.S. states. A spike in coronavirus cases across several U.S. states raised the prospect of renewed lockdowns and other restrictions that would dent any sustained recovery in fuel demand.

Apple Maps Driving Activity…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News