China Markets oil

Crude Carnage, China ‘On Track’ And ‘When Does The Pub Open Again?’

Global equities were generally buoyant Monday, kicking off a pivotal week with gains despite a steep plunge in crude and lingering concerns about the prospect of a contested election result in the US. Oil dove as much as 6% at one point to a five-month low, before trimming losses. Clearly, one issue is on the demand side. A new lockdown in England announced over the weekend exacerbated worries of a double-dip recession across Europe and stoked fears that a similar fate could befall other developed economies should they too experience uncontrolled outbreaks. In that scenario, Trafigura warned oil demand could drop again after attempting a recovery from April's shock. Meanwhile, in Libya, production is coming back online faster than expected, reaching 800,000 barrels per day. The country is gunning for 1.3 million by the turn of the year. Consider that less than two months ago, the figure was just 100,000. Vitol is more optimistic, calling this latest double whammy setback a mere "speed bump." I'm not so sure. "There are two primary drivers of price action and a laundry list of secondary ones," AxiCorp's Stephen Innes said Monday. "Firstly the resumption of lockdowns across Euro
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3 comments on “Crude Carnage, China ‘On Track’ And ‘When Does The Pub Open Again?’

  1. Emptynester says:

    My daughter works in the California wine business- they have shifted from restaurant sales to online/in store sales. Booming.
    Meanwhile, CBL filed for Chapter 11- reportedly reducing debt by $1.5B. Probably more companies to follow.
    MMT will get utilized either directly or indirectly to carry the losers- even if “they” call it something else. Really, we are out of alternatives- except for a “flush and reset”- which will not happen, imho.

  2. I am not sure the pandemic models are correct. What is R0 if as a zoologist told me that the cats are a reservoir species for this virus? It would seem to calculate we need to count cat infections, which would be impossible.

  3. Up here in Washington legal Marijuana outlets were considered essential businesses.

    We locked down early and hard and have been opening back up very slowly. At the moment, we are doing better than most states….I think it is because so many people bought into our Governor’s policies and continue to wear masks and avoid indoor socializing. The places that are doing the most poorly in WA are right in the middle of rural Trump country.

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