U.S. West Texas Intermediate crude CLc1 futures were unchanged at $40.90 a barrel at 0035 GMT, after rising 0.7% on Wednesday.“The market’s struggling to get strong conviction to the upside at the current point in time,” said Lachlan Shaw, head of commodity research at National Australia Bank. “There’s mixed evidence on demand.”
Oil prices rose on Wednesday as data from the U.S. Energy Information Administration showed U.S. gasoline stockpiles dropped by 4.8 million barrels last week, much more than analysts had expected, as demand climbed to 8.8 million barrels per day, the highest since March 20. [EIA/S] However gains were tempered as a spike in COVID-19 cases across several U.S. states raised the prospect of renewed lockdowns holding back the fuel demand recovery.Gasoline demand was falling in areas where lockdowns were being reinstated in the United States, while U.S. demand on the east coast, where coronavirus infections were under control, was recovering well, Shaw said.
The United States reported more than 58,000 new COVID-19 cases on Wednesday, the biggest increase ever reported by a country in a single day, with infections climbing in 42 out of 50 states, according to a Reuters tally.
Let’s see retail is going through the apocalypse. Jobs have still not come back. We are beginning to shut down again. Where is the recovery?
Drop it to near zero like the Fed bank Interest rate. No one’s going to resume driving anytime soon in this pandemic.
But I want it lower?
Expect at least a year of this.
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