• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 20 hours America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Traders Cautiously Optimistic About Crude

Traders Cautiously Optimistic About Crude

In the forthcoming week, traders…

Oil Prices Set to Rise as Global Stock Refills Ramp Up

Oil Prices Set to Rise as Global Stock Refills Ramp Up

China's increased oil inventory building,…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Leap Higher On Fresh Vaccine Hopes

Oil prices jumped by 4 percent early on Monday, bolstered by another potential vaccine breakthrough, as well as bullish economic data from China.

As of 9:14 a.m. ET on Monday, WTI Crude was up 4.46 percent at $41.92 and Brent Crude was trading up 3.95 percent at $44.48.

Prices shot up after Moderna said on Monday that the Phase 3 study of its vaccine candidate—which had enrolled more than 30,000 participants in the U.S.—had met statistical criteria with a vaccine efficacy of 94.5 percent. Moderna plans to file for an Emergency Use Authorization (EUA) with the U.S. Food and Drug Administration (FDA) in the coming weeks and submit applications for authorizations to global regulatory agencies.

Moderna’s vaccine news comes a week after Pfizer and BioNTech announced 90-percent efficacy of their COVID-19 vaccine candidate, sending oil prices soaring by 10 percent last Monday.

A vaccine for many people around the world will unlikely be available until late into 2021, but the oil market was buoyed by other—immediate—bullish news today.

In China, crude oil refinery throughputs increased by 2.6 percent year on year in October, setting a new refinery run record of 14.09 million barrels per day (bpd), according to Reuters calculations of official Chinese data. The previous record was 14.08 million bpd, set in June this year. Chinese fuel demand held firm last month, with gasoline demand steady during a holiday early in October, while domestic jet fuel demand has nearly reached pre-crisis levels, analysts told Reuters.

Related: EIA Sees WTI Crude Averaging $44 In 2021

In another bullish note for oil, Joe Biden’s COVID advisory team said on Sunday that a national lockdown in the United States would be a “measure of last resort,” which gave markets hope that the economy and oil demand would not be as severely hit as they were in the lockdown in the spring.

Later on Monday and on Tuesday, oil market participants will turn to the OPEC+ monthly panel meetings for hints from ministers about the alliance’s plans about a potential delay of the easing of the production cuts.

“We are still of the view that OPEC+ will need to extend current cuts of 7.7MMbbls/d by at least another 3 months, in order to ensure that the market draws down inventories over the first quarter of next year,” ING strategists Warren Patterson and Wenyu Yao said on Monday.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News