Germany, France Broaden COVID Restrictions
October 29, 2020
German Chancellor Angela Merkel said the country’s federal and state governments had agreed to a one-month shut down of restaurants, bars, fitness centers, concert halls, and theaters starting November 2. French President Emmanuel Macron announced a nationwide lockdown to being Friday and last one month. These actions have confirmed the fears of another wave of coronavirus and with it demand destruction
The above lockdowns and the US inventory report showing another big build to crude stocks has prices under selling pressure again. US oil production was up 1.2 million bpd day in yesterday’s DOE report and that is also adding to the selling pressure. That 1.2 million bpd increase was the largest one week increase on record. Total production was 11.1 million bpd still well off the highs but the most since July.