As the World Health Organization on Friday upgraded its global risk assessment for the coronavirus to “very high”, anxious oil markets are wondering when might be a good time to panic about the oil demand and its effect on inventories, investment dollars, and ultimately, oil prices.
Now could be as good of a time as any.
Where We Stand
So far, the coronavirus has infected more than 80,000 people worldwide, claiming nearly 3,000 lives. It has spread to 49 different countries in just a few short weeks, and continues to disrupt airline travel on a massive scale. In California, one possible case of community transmission reared its head—bringing awareness of what the virus can do to a whole new level.
And make no mistake, there is more pain coming.
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WNU Editor: If what is happening in China, Iran, and South Korea is duplicated in places like the U.S., Japan, Germany, and the U.K., the drop in oil consumption will be a disaster for those countries that depend on oil exports. Iran exports over half of its oil to China. This market is now closed. Venezuela needs to sell oil to meet its debt obligations to China and Russia. But the price to extract this oil makes it economically unfeasible to sell it at today's prices. Bottom line. If this outbreak continues for the rest of the year, the impact on countries like Iran and Venezuela will be disastrous.
3 comments:
"Venezuela will be disastrous."
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I think China made this up. There is a respiratory tract infection by the corona virus that is killing people, but it is nowhere near as dangerous as people buying barrels of ink, Tammany Hall type pols, and others make it out to be. People are being rounded up under the cover of the 'pandemic.'
10% to 15% of colds are caused by some type of corona virus. This corona virus is worse than others. That is true or seems to be. Screening if illegal aliens caught at the border have yielded negative tests. But Border Patrol also said that some of the test kits they have been sent have been defective. So far no one has tested positive by BP. But what is the alpha risk?
Have the presstards, reporterettes, and presstitutes reported the alpha and beta risks of these tests? Of course not. Most of the press are a bunch of functionally illiterate tards that belong back in the 19th century.
I have seen news reports today that the corona virus has not affected kids 15 and under. I have also seen reports that its mortality rate is .1%. 1 in 1,000 is bad, but nowhere near what scaremongers make it out to be. Myself I have two risk factors, but I am not scared. I think we need to be doing a Bayesian risk assessment and not lump everything together.
Addendum: At least some of the reporterrettes give good face for what that is worth. Nothing.
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Gas prices down 30 cents a gallon in NYC. Hail the virus!!!
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