Wall Street Wednesday

 

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Oil prices climbed on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.

Brent crude LCOc1 was up 98 cents, or 1.8%, at $54.99 per barrel at 0335 GMT. U.S. West Texas Intermediate (WTI) CLc1 rose 81 cents, or 1.4%, to $50.65 a barrel.

According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak.

Travel restrictions to and from China and quarantines have cut fuel usage. The two biggest Chinese refiners have said they will reduce their processing by about 940,000 barrels per day (bpd) as a result of the consumption drop, or about 7% of their 2019 processing runs.

“As the growth rate of new cases has decreased … that has improved the (market) sentiment,” said Kim Kwang-rae, commodities analyst at Samsung Futures in Seoul.

The demand concerns from the outbreak pushed Brent and WTI to their lowest in 13 months on Monday. Both benchmarks are down more than 20% from highs reached in January.

Jane Chung @ REUTERS

 

About Den

Always in search of interesting things to post. Armed with knowledge and dangerous with the ladies.
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13 Responses to Wall Street Wednesday

  1. Den says:

    Better late than never.

    Now a big refinery is blazing away in LA, I sense a gas price increase on the horizon.

    Like

  2. jim hitchcock says:

    Carol, check out my sister’s FB page. She got a big hug from Elizabeth Warren for offering to make Warren an honorary member of our Delaware Indian Tribe : )

    Like

  3. David B. Benson says:

    Another sub-species of humans, this time in West Africa. Only known via genetics.

    Like

  4. ٩(-̮̮̃-̃)۶arol says:

    Jill came over, she had Chicken Paprikas and fnished reading the second diary from 1985. I can’t even describe how happy I am that she wrote so much about her life, which means our lives. She was 15, Pete was 17. We had such a great family life, the kids had a fun teenage life, always out and about. Video games were newish, we had an Atari 400 computer that was ridiculous by the computer standards of today, we only used it for games. All 4 of us played. One entry Jill said she couldn’t wait for Bob to get home from Boston so they could play the Summer Games game. You could do gymnastics, diving from a high board, pole vaulting, etc. That was a game that was sent to us by accident and turned out be a lot of fun. How do I know, Jill wrote that tidbit in her diary!

    We had Lode Runner, my all time favorites, it was on a floppy disc. It had a built in editor, we could design a Lode Runner Level and save it to a disc. One of the big things was making levels for each other. Several times Jill wrote that she made a couple levels for mom. When they were at school I would make levels for them to solve. I miss that game. I have all the old games and all the old equipment, it would be nice to get it hooked up and play Lode Runner again, make a level for Jill.

    Like

  5. ٩(͡๏̯͡๏)۶arol says:

    Trump on the revenge warpath that will not end until he ends. 9½ months until the election, but 12 months until someone new is sworn in. This is going to be a mighty longggggg year. 😦

    Like

  6. David B. Benson says:

    After being pestered by the Mormon missionary pair on the way up B Street sidewalk, at the top some Alpha Phi sorority sisters were out in front waving signs. Too dark to tell what this was about. The friar had a green overgarment for Mass. Just 14 minutes to the north door of the Hillside Cafe.

    Like

  7. Den says:

    Fixed a good size oil leak in the Jimmy, it was a missing o-ring seal.
    Laundry done for the week, made some killer chili, OMG YUM!

    Like

  8. Den says:

    Good till the last chunk falls off:

    Like

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