The number of active cases DECLINED by 137 in the last 24-hours; now down to 39,873.
Per Johns Hopkins University website at 8:23 AM ET on March 5, 2020.
96,786 Confirmed cases
- 3,303 People who have died
-53,610 People who have recovered (25,770 since Feb 25)
39,873 Active Cases
The number of Active Cases has DECLINED by 9,872 since February 25.
COViD-19 Virus Update - Mar 5
COViD-19 Virus Update - Mar 5
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: COViD-19 Virus Update - Mar 5
Note from Raymond James Energy Sector Team:
"Amid the relentless coronavirus headlines since mid-January, the oil market remains entirely fixated on concerns about demand. Extrapolating from Chinese refinery data to quantify the global demand impact, the numbers are certainly needle-moving: we estimate 2 million bpd during February/March, then subsiding into the summer. That said, simply looking at demand is not enough. It bears repeating that the supply side of the equation is broadly bullish: the larger U.S. producers are exhibiting restraint in capital allocation, and U.S. well productivity improvements are slowing down; long-lead-time oil project startups are in a cyclical trough during 2020-2021; OPEC’s production cuts include especially strong Saudi discipline, and there is chatter about the possibility of further OPEC action if warranted by the virus situation; and Libyan production has been massively disrupted since January. After the virus-spurred sell-off, the 12-month futures strip ($47.58/Bbl for WTI and $51.95/Bbl for Brent) is essentially flat; for comparison, our (recently lowered) 2020 forecast is $60 WTI/$65 Brent. Several key question marks remain: 1) on the bullish side, the possibility of supply disruptions above and beyond the current ones, including but not limited to Iran, and 2) on the bearish side, the uncertainties surrounding the virus situation, especially vis-à-vis the situation outside Asia-Pacific."
A member of the Raymond James Team will be our opening speaker in Houston on Wednesday, April 8. Seating is limited, so register ASAP if you plan to attend. Our primary speaker will be the CEO of Matador Resources (MTDR).
"Amid the relentless coronavirus headlines since mid-January, the oil market remains entirely fixated on concerns about demand. Extrapolating from Chinese refinery data to quantify the global demand impact, the numbers are certainly needle-moving: we estimate 2 million bpd during February/March, then subsiding into the summer. That said, simply looking at demand is not enough. It bears repeating that the supply side of the equation is broadly bullish: the larger U.S. producers are exhibiting restraint in capital allocation, and U.S. well productivity improvements are slowing down; long-lead-time oil project startups are in a cyclical trough during 2020-2021; OPEC’s production cuts include especially strong Saudi discipline, and there is chatter about the possibility of further OPEC action if warranted by the virus situation; and Libyan production has been massively disrupted since January. After the virus-spurred sell-off, the 12-month futures strip ($47.58/Bbl for WTI and $51.95/Bbl for Brent) is essentially flat; for comparison, our (recently lowered) 2020 forecast is $60 WTI/$65 Brent. Several key question marks remain: 1) on the bullish side, the possibility of supply disruptions above and beyond the current ones, including but not limited to Iran, and 2) on the bearish side, the uncertainties surrounding the virus situation, especially vis-à-vis the situation outside Asia-Pacific."
A member of the Raymond James Team will be our opening speaker in Houston on Wednesday, April 8. Seating is limited, so register ASAP if you plan to attend. Our primary speaker will be the CEO of Matador Resources (MTDR).
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group