The UK on Tuesday began its vaccination program for the first doses of Pfizer and BioNTech's coronavirus vaccine, while U.S. vaccinations could start as soon as Friday, according to James Hildreth, a member of vaccine advisory committee. Hildreth told NBC News that if the panel approves the Pfizer vaccine on Thursday, the U.S. Food and Drug Administration could give emergency approval that day. The panel will review the Moderna coronavirus vaccine on Dec. 17.
Even as hopes for a speedy and effective vaccine supports prices, short-term fundamentals don't look good for major economies in the Western Hemisphere where demand has been hammered by surging COVID-19 cases and accelerated lockdowns.
California, the largest U.S. market for gasoline consumption, on Sunday entered a three-week lockdown, restricting movement for approximately 85% of its 40 million residents and shuttering nonessential businesses. Gasoline supplied to the U.S. market already fell to its lowest in five months at 7.973 million bpd during the Thanksgiving holiday week. With lockdown measures accelerating sharply across the United States, traders anticipate global fuel consumption to erode further heading into year's end, pressuring front-month oil contracts.
In early activity, U.S. benchmark for January delivery slipped 15 cents to $45.60 barrel (bbl) and ICE February Brent futures traded near $48.65 bbl. NYMEX January ULSD futures gained fractionally to $1.4000 gallon, while the January RBOB contract edged higher to $1.2585 gallon.
Liubov Georges can be reached at liubov.georges@dtn.com
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December 08, 2020 at 08:14PM
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Oil Futures Flat as UK Rolls out Vaccine, China Oil Imports - DTN The Progressive Farmer
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