Traders Bullish on Vaccine News

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…

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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