Vaccines set to unleash pent-up oil demand — IEA
- The IEA forecast a robust rebound in the market from the fourth quarter of the year citing "strong pent-up demand and continued progress in vaccination programmes".
- Still, the spread of the Delta variant of the virus in recent months caused the agency to trim its forecast for demand growth for the year overall by 105,000 bpd, while it raised its estimate for 2022 by 85,000 bpd.
After three months of decline in global oildemand, COVID-19 vaccine roll-outs are set to unleash thirst for oil stymied by pandemic restrictions especially in Asia, the International Energy Agency (IEA) said on Tuesday.
"Already signs are emerging of COVID cases abating with demand now expected to rebound by a sharp 1.6 million barrels per day (bpd) in October, and continuing to grow until end-year," the Paris-based IEA wrote in its monthly oil report.
The IEA forecast a robust rebound in the market from the fourth quarter of the year citing "strong pent-up demand and continued progress in vaccination programmes".
Still, the spread of the Delta variant of the virus in recent months caused the agency to trim its forecast for demand growth for the year overall by 105,000 bpd, while it raised its estimate for 2022 by 85,000 bpd.
Damage from Hurricane Ida in the U.S. Gulf coast oil hub caused the first decline in global supply in five months, the IEA said, estimating that the potential supply losses from the storm approach 30 million barrels.
Council Tax warning: Bills could surge for Britons as local authorities cover NI hikes
Boris Johnson refuses to rule out further tax rises
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Boris Johnson and the wider Government released plans on how NHS backlogs and social care costs will be covered recently. From April 2022, National Insurance payments will rise by 1.25 percent, with employees, employers and the self-employed all set to be hit by this. However, further costs could be on their way as recently, councils warned they’d be left with massive bills as a result of the increased NI contributions, which in turn would be passed on to British families.
More to follow…
Gold Subdued Ahead Of US Inflation Data
Gold prices were moving in a narrow range on Tuesday and the dollar traded firm after another Fed official joined the tapering bandwagon.
Spot gold dipped 0.3 percent to $1,788.60 an ounce, while U.S. gold futures were down 0.3 percent at $1,789.70.
With inflation data coming in stronger than expected, speculation is rife that the U.S. Federal Reserve could reduce its asset purchases sooner rather than later despite a surge in COVID-19 cases.
The Philadelphia Fed President Patrick Harker became the latest official to say he supports moving toward a tapering process sooner rather than later.
A flurry of U.S. economic data is due out this week, starting with U.S. consumer inflation data later in the day, which could provide more clues on the health of the world’s largest economy and when the Federal Reserve could start rolling back easy credit and other stimulus.
The Fed’s two-day monetary policy meeting is scheduled for next Tuesday and Wednesday, but recent signs of slowing economic momentum could lead the central bank to hold off on discussing tapering.
Opinion | George W. Bush 2021, Meet George W. Bush 2001
By Jamelle Bouie
Oil Extends Gains For Third Day On Fears Of Supply Disruptions
Oil rose for a third day Tuesday to hover near a six-week high, as energy firms brace for another storm just weeks after Hurricane Ida wreaked havoc on the Gulf Coast.
Benchmark Brent crude futures climbed 0.8 percent to $74.11 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.7 percent at $70.94.
Nicholas made landfall on the Texas coast as a Category 1 hurricane early today, with 75 mph winds and threatening to bring up to 18 inches of rain to parts of the state, forecasters said.
Nicholas, which was downgraded from a hurricane to a tropical storm after making landfall along the Texas coast, still had the power to cause “life-threatening flash floods in the deep south in the next couple of days,” the National Hurricane Center said.
The increase in the price of crude oil also came as OPEC raised the outlook for oil demand in 2022.
In its monthly oil report, the group said it expected oil demand to average 100.8 million barrels per day in 2022, compared with just over 100 million in 2019, before the pandemic took hold.
Separately, the International Energy Agency (IEA) wrote in its monthly oil report that demand will rebound by a sharp 1.6 million barrels per day (bpd) in October, and will continue to grow until end-year.
The IEA forecast a robust rebound in the market from the fourth quarter of the year citing “strong pent-up demand and continued progress in vaccination programs”.
Pre-market Movers: IRNT, MTL, IFRX, FWP, JAGX, IPHA…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 6.10 A.M. EDT).
In the Green
IronNet, Inc. (IRNT) is up over 110% at $35.00
Mechel PAO (MTL) is up over 36% at $4.36
InflaRx N.V. (IFRX) is up over 25% at $3.24
Match Group, Inc. (MTCH) is up over 14% at $169.00
ZIOPHARM Oncology, Inc. (ZIOP) is up over 13% at $1.87
Sinopec Shanghai Petrochemical Company Limited (SHI) is up over 12% at $27.65
Valneva SE (VALN) is up over 12% at $53.69
Comstock Mining Inc. (LODE) is up over 11% at $3.59
uniQure N.V. (QURE) is up over 10% at $34.44
SharpLink Gaming Ltd. (SBET) is up over 5% at $6.15
In the Red
Forward Pharma A/S (FWP) is down over 18% at $6.43
Jaguar Health, Inc. (JAGX) is down over 17% at $0.96
Innate Pharma S.A. (IPHA) is down over 15% at $5.20
NRx Pharmaceuticals, Inc. (NRXP) is down over 6% at $14.00
Borr Drilling Limited (BORR) is down over 5% at $0.76