X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 2 mins U.S. Presidential Elections Status - Electoral Votes
  • 11 hours Interest article about windmills and waterwheels in Europe
  • 6 hours Retired RAF pilot wins legal challenge over a wind farm
  • 2 days NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 1 day Speaker Pelosi, "Tear Down This Wall"
  • 22 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 2 days Disaster looming in UK offshore wind power
  • 2 days Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 19 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
Exxon Shocks As Oil Reserves Drop By A Third

Exxon Shocks As Oil Reserves Drop By A Third

Exxon slashed its oil reserves…

Texas Refinery Restarts Could Take Until April

Texas Refinery Restarts Could Take Until April

Texas' largest refineries are restarting…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Demand Revised Down Once Again

1. Oil rallies on vaccine hopes

- The oil bulls returned this week on the extraordinary news that a potential coronavirus vaccine is not only effective but could be widely available by the second quarter of 2021.

- WTI surged 9% in just a few hours and seesawed the rest of the week, but now looks steady above $40 per barrel.

- The rally was accentuated by the fact that investors have recently sold off oil, trading out of bullish positions. “The excessive investor skepticism, and their previous unbridled optimism, are often good counter-indicators,” Commerzbank wrote in a note. The bank added that there is “little in the way of fundamental factors to support any more pronounced upswing.”

- Gold reacted in the opposite way to vaccine news, plunging by around 5% shortly after the announcement. “The main explanation for this is that further stimulus measures will be less necessary if an effective vaccine becomes available,” Commerzbank said.

- The flip side is that U.S. covid cases are surging rapidly and it will take time to deploy the vaccine. Potential Washington gridlock could put even more pressure on monetary easing, a bullish factor for gold waiting in the wings.

2. Oil demand revised down on a COVID surge

- A vaccine holds out hope, but in the interim, demand has been disappointing. The IEA cut its third-quarter oil demand forecast by 0.4 mb/d this week.

- Worse, the agency…





Leave a comment

Leave a comment




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