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Home Markets Commodities

Oil traders go wary on energy demand, mutant strains of COVID-19

Olumide Adesina by Olumide Adesina
December 28, 2020
in Commodities
Nigeria needs to produce, export more oil and gas to sustain fiscal needs -Economist
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Crude oil prices drifted lower at the first trading session of the week.

The plunge in oil prices is partly attributed to the increased concerns seen by a significant number of oil traders on the world’s energy demand, thus it dampened the latest macro revealing that U.S. President Donald Trump signed off on the latest COVID-19 stimulus deal.

READ: Oil prices slump, OPEC+ meets today

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What you should know: At the time of writing this report, Brent crude was down by 0.39% to trade at $51.17 a barrel and West Texas Intermediate futures dropped lower by 0.23% to $48.12 a barrel.

That said, crude oil prices posted their first weekly loss since October as the B.1.1.7 strain of COVID-19, alongside the discovery of another mutant strain of the virus believed to originate from South Africa, which raised more fears of more countries imposing lockdowns.

READ: Gold prices up on U.S Central Bank’s will to keep interest rates low

  • The United Kingdom has already imposed tighter lockdown measures throughout most of the country in order to limit the spread of the virus, while the second largest economy, China, suspended passenger flights to the United Kingdom.
  • However, macros revealing that President Trump has reportedly signed the $2.3 trillion COVID-19 pandemic aid and spending package, thus averting a partial U.S government shutdown, calmed some nerves in the energy market.

READ: Okomu Oil Plc may have flattered to deceive with its sterling H1 performance

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, spoke on macros coming from COVID-19 fronts calming the nerves of oil traders from selling below the $50 price level.

“The oil market rallied along with broader markets supported by a flat-out bullish EIA inventory report.

READ: Covid-19: First recorded case hits Antarctica

“And thanks to medical experts warning against overreaction to the new virus strain, there is a greater understanding it will not trigger a new wave of severe lockdown blockades around the world as France showed the way by quickly re-opening trade and transport links with the UK, which provided a major sigh of relief to oil markets for a lockdown perspective.”


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Tags: Brent CrudeCovid-19President TrumpStephen InnesUnited KingdomWest Texas Intermediate
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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