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India’s total COVID-19 cases passed 18 million on Thursday after another world record number of daily infections,
as grave diggers worked around the clock to bury victims and hundreds more were created in makeshift pyres in parks and parking lots.
The surging infection numbers and renewed mobility-restricting measures have forced us to revise down Indian gasoline and gasoildemand” estimates for 2021, said JBC Energy’s senior analyst Eugene Lindell.
This week’s price action suggests investors have confidence in OPEC’s ability to stabilize supply and prices even in the face of short-term demand issues due to the rising COVID-19 cases in India, Japan and Brazil.
Furthermore, investors are also betting that the demand problems are a short-term issue and conditions will start to improve as more people receive vaccinations. Demand is also expected to pick up in other parts of the world, perhaps offsetting some of the losses from India.
India’s total COVID-19 cases passed 18 million on Thursday after another world record number of daily infections,
as grave diggers worked around the clock to bury victims and hundreds more were created in makeshift pyres in parks and parking lots.
The surging infection numbers and renewed mobility-restricting measures have forced us to revise down Indian gasoline and gasoildemand” estimates for 2021, said JBC Energy’s senior analyst Eugene Lindell.
This week’s price action suggests investors have confidence in OPEC’s ability to stabilize supply and prices even in the face of short-term demand issues due to the rising COVID-19 cases in India, Japan and Brazil.
Furthermore, investors are also betting that the demand problems are a short-term issue and conditions will start to improve as more people receive vaccinations. Demand is also expected to pick up in other parts of the world, perhaps offsetting some of the losses from India.
