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Europe continues to struggle, look at the United States

Mixed picture in the world

The French Minister of Health today reported 30,500 new Covid infections in the past 24 hours. The peak of the August wave was 30,900 and the seven-day average is 18,477, which is worrying.

At the same time, this is not so surprising, as Germany and the neighboring Netherlands are close to historic highs.

Oil is a big story today, but I would say the recent drop is more about covid than an SPR release. The latest lockdowns will cool activity in Europe and now we wait to see how long that will last.

I suspect the price is now included, but I’m not sure what to expect from the US. Cases are resurfacing and while the United States has shown incredible resilience to the lockdown (it won’t happen again), third quarter numbers have shown that lockdowns and voluntary restrictions can spell a blow.

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