Episode 137 - Oil down after new COVID strain| Russia wants more oil on the market | Is China keeping the prices high?

Crude oil futures plummet on concerns over new coronavirus strainhttps://www.spglobal.com/platts/en/market-insights/latest-news/oil/122120-crude-oil-futures-plummet-on-concerns-over-new-coronavirus-strainOil tumbles as new virus strain revives demand worrieshttps://www.reuters.com/article/global-oil-int/oil-tumbles-as-new-virus-strain-revives-demand-worries-idUSKBN28V04N-Shows that likely vaccine will be required for travel-Brent dropping below $50 on news of more shutdowns but if this the start of a real sell-off -Will the stimulus bill ($900 billion+) lift the economy and prices?Russia Favors Further OPEC Output Hike In Februaryhttps://financialpost.com/pmn/business-pmn/russia-favors-further-opec-output-hike-in-february- Novak floats 500,000 bpd increase for February and oil prices stay at or above $50, so this seems like a good signal for January 4 meetingReal Oil Price Rally Fades as Asia’s Buying Spree Winds Down https://www.bloombergquint.com/business/physical-oil-rally-fades-with-asian-buying-cooling-after-spree- It is possible that this is just a price correction brought about by an end to Asia's oil buying spree.China to Have Oversupplied Oil Market for Decadeshttp://www.energyintel.com/pages/eig_article.aspx?DocID=1092970- China sees that its own oil products market will be oversupplied through 2050 and it will continue to refine more products and build more refineries anyway and sell the products it produces.- The forecast comes from a belief that there will be a shift away from oil powered vehicles to “new energy” vehiclesOPEC+ Will React Faster, Be More Hands-On With Oil Markethttps://finance.yahoo.com/news/opec-react-faster-more-hands-163842347.html- Is this really better for the market?- To keep the US from over drilling it is an effective way to keep US companies from opening up more drilling- Also, is there enough trust? Does the market actually trust OPEC producers to produce what they say they are and will produce?API Industry Outlook Fourth Quarter 2020- GDP growth seen at 4.8%- Demand growth coming from developing nations- Demand growth in the U.S. will be uneven geographically. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com