This morning crude is up sharply on news of progress on a potentially extremely effective coronavirus vaccine. Oil traders are connecting the dots between a highly effective vaccine and future rising demand for fuel and travel. In addition, the certainty of a Biden victory in the US election and a weaker dollar are also exerting upward pressure on crude today.

A vaccine created by Pfizer has shown a 90% effectiveness in preventing the coronavirus. Experts had been expecting a coronavirus vaccine to be around 50% effective. For reference, the flu vaccine is between 40%-60% effective. “It is a great day for science. It is a great day for humanity when you realize your vaccine has 90% effectiveness. That’s overwhelming,” said Pfizer CEO Albert Bourla. Pfizer expects to produce more than 1 billion doses of the vaccine next year.

In early trading today, crude prices are up sharply. Crude is currently trading at $40.99, a gain of $3.85.

Fuel prices are up this morning. Diesel is trading at $1.2377, a gain of 9.5 cents.  Gasoline is trading at $1.1842, a gain of 10.0 cents…