INDO - Containing Coronavirus has Caused an Oil Demand Shock

The spread of the coronavirus continues to accelerate with China’s Health Commission reporting 361 deaths in mainland China which now surpasses the 249-death count associated with the SARS virus. Globally, the coronavirus has resulted in more than 800 deaths and has affected more than 17,000 people. The virus is spreading to other nations and is now affecting industries beyond travel, vacation and health. The energy industry has been hit especially hard with oil prices crashing. West Texas Intermediate (WTI) oil prices began 2020 on a high note peaking above $63 per barrel on January 2nd. Since then, the price of oil has fallen 20% to a price near $50 per barrel. Is the market overreacting to the impact of the virus or are market concerns warranted?Read More >>