Iran Anticipates Easing of Sanctions
December 7, 2020
The Baker Hughes Rig Count said that crude oil rigs were up 5 to a total of 246 rigs and this is the 11 weekly build out of the last twelve weeks.
Iran prepares its oil installations for full production and sale of its oil within 3 months in anticipation of Biden easing sanctions.
California has seen a spike in COVID-19 cases and some parts of the state are going back under a lockdown. Not a positive for energy demand.
The upside risks for the energy market currently is whether there are early signs that the US economy is struggling and that reality pressures lawmakers to pass more stimulus. The non-farms payrolls number from Friday was a warning that the jobs recovery is not at the pace needed if the US economy is to get back to normal.
Energy prices are a bit softer this morning as tension are growing between the US and China and the continuing increasing cases of COVID-19. The Trump administration appears to be doing one final push against China, as they prepare to impose sanctions to over a dozen Chinese officials.