UK Mulls Second Wave COVID Lockdowns

Crude followed US equities lower yesterday, dropping more than 4% to close at $39.31.  Markets are still fearful that 1 MMbpd of Libyan supply will deepen the oil glut, with a quarter of that coming online by next week. Additionally, Tropical Storm Beta passing over the Gulf Coast with little supply effect removed some bullish support. Markets are trading up in early trading this morning, recouping some of yesterday’s losses.

Climbing coronavirus cases in Europe are once again stoking fears of an economic lockdown.  Infections in France and Spain have climbed, and Prime Minister Boris Johnson stated on Monday that he was considering a second lockdown, instituting a stop gap measure of 10:00 pm curfews for pubs and restaurants in the UK along with other measures to slow the spread of the virus. As of yesterday, more than 31.32 million people have been infected by the novel coronavirus, a Reuters tally shows.

In early trading today, crude prices are up. Crude is currently trading at $38.89, a gain of 58 cents.

Fuel prices are mixed this morning. Diesel is trading at $1.1127, a gain of 0.5 cents.  Gasoline is trading at $1.1755, a fractional loss.

Market Condition Report - Disclaimer
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.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote