Four OPEC+ sources
Four OPEC+ sources are saying:
- OPEC+ wants it to keep oil output cuts of 9.7 million BPD be on June and not to scale back
Given the oversupply and uncertainty of demand as a result of the coronavirus, the decision makes sense.
WTI crude oil futures for July delivery is trading up $1.17 or 4.63% at $26.25 today
Testifying to Senate
Dr. Fauci is testifying to the Senate (via a remote connection). The White House medical advisor says:
- US in phase 1 clinical trial of a vaccine
- The hope is that they know by late fall, early winter if the vaccine works
- US COVID-19 deaths likely higher than reported
- Concerned states may disregard crucial checkpoints
- We don’t know everything about this virus
- Warns against being cavalier about virus risk to children
A tweet by US president Trump
“Asian Americans are VERY angry at what China has done to our Country, and the World. Chinese Americans are the most angry of all. I don’t blame them!”
I think the more important message here is what he is trying to imply, rather than which population group in particular has strong feelings about the situation.
In short, Trump is still playing the coronavirus blame game and it doesn’t look like he will relent in pinning what has transpired in the US on China.
Just be mindful because this is going to see long-term repercussions in the relationship between the two countries. In the bigger picture, this could spill over to economic consequences and will have a more profound impact on markets in due time.
Its better than $17.29 (July contract low) but still on it’s bact
Pres. Trump is tweeting:
The prices off the $17 .29 low area for the July contract, but at $26.33, the price is still way below your high levels at $62.95 and also below breakeven levels for lots of oil producers.
The President is also weighing in on the Tesla situation saying:
- California should let Tesla and @elonmusk open the plant now. It can be done fast and safely