Delta Recovery and Stimulus Limbo
October 12, 2020
The market continues with a lot of questions and uncertainty as it marks time and trades in a range. Prices are down this morning as the oil workers’ strike in Norway has been resolved and production fears ease. Also, Libya continues to increase their production which is being estimated at 355,000 bpd.
Hurricane Delta did cause some issues with power outages that did impact refineries and ports, but work has begun try and restart these operations. Many companies have begun to get worker back to offshore rigs and back work.
Baker Hughes reported that oil rigs were up 4 to a totals of 193.
The stimulus package is still in limbo. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi continue to work at it but many question if something anything can get done prior to the election.