J&J Vaccine Receives Unanimous Recommendation from CDC
March 1, 2021
Baker Hughes had oil rigs up 4 to a total of 309 oil rigs. Last year at this time there were 678 oil rigs. Total of all rigs in North America is 565 down four on the week and compared to last year when there were 1030.
Commodities and equities responded to the passage by the US House of Representatives of the $1.9 trillion COVID-19 relief plan.
Optimism and the hope for a continue recovery also got a boost as the Johnson & Johnson vaccine got a unanimous recommendation from the CDC on Sunday. Officials said the initial shipments would start and deliveries were expected by Tuesday.
OPEC meets this week and it appears that they will be very cautious about adding to supply. But with prices on the rise some production is likely to be added. Saudi Arabia and Russia have been a bit different in their outlooks so we will see how all this shakes out this week.
According to the EIA US total oil demand in December fell by 7.4% or 1.494 million bpd to 18.796 million bpd, with distillate demand falling 1.1% or 41,000 bpd to 3.86 million bpd and gasoline demand falling by 12.4% or 1.109 million bpd to 7.836 million bpd. US crude oil production in December fell 58,000 bpd to 11.063 million bpd from a revised 11.121 million bpd in November.