- WTI is down $1.85 to $35.54/Bbl, and Brent is down $1.92 to $37.20/Bbl
- Oil prices picked up where they left off yesterday, trading nearly 5% lower this morning
- Markets remain on edge as the S&P index had its worst day in four months, with fears of further virus lockdowns putting traders on edge. The dollar rose 0.5%, which added further downward pressure seen in crude prices
- The large increase in crude stockpiles also added to the bearish sentiment this morning. The EIA reported the largest increase in stocks since early July
- Hurricane Zeta made landfall in Louisiana as a Category-2 hurricane, causing 66% of GoM production to be shut-in
- Renewed restrictions on movement in Europe weighed on oil prices heavily, as coronavirus cases continue to mount
- Germany is proposing renewed curfews and other movement restrictions that will impact the recovery in demand. France is preparing to lockdown for a month in order to mitigate the spread of the coronavirus
- The market has had to account for the increase in coronavirus cases globally, as the recovery in demand has been clouded by expectations of additional restrictions that could limit the need for crude
- The U.S. has not been spared from the global increase in coronavirus cases, with 29 states having reported record numbers of infections over the past week
- The Category-2 Hurricane Zeta made landfall in Louisiana before barreling into Mississippi. The storm's intensity has since dissipated and has been downgraded to a tropical storm
- About 1,231 MBbl/d or 66 pc of offshore oil production was offline yesterday, according to the Bureau of Safety and Environmental Enforcement (BSEE)
- According to the BSEE, 228 platforms of the 643 that are currently operating in the Gulf have been evacuated
- The market received bearish data reported by the EIA on Wednesday
- The EIA reported a build of 4,320 MBbls for the week ending October 23, well above the estimate of -1,152 MBbls
- Inventories for the US are now at a surplus of 59.276 MMBbls to last year and a surplus of 46.54 MMBbls to the five-year average