Did I miss some news or is the $7 in crude a delayed reaction to the SPR release? Or is it because of the nee virus in South Africa that seems to have some people worried?
Thanks Jim,
As you noted, this has nothing to do with the trivial oil reserve release stunt.
CL and RB went UP not down after he accounced the news last week because the market understood its lack of impact on the bullish fundamentals.
Although don't be surprized if Biden tries to take credit for it for this COVID crash in the price of the liquid energies.
(CNN)The discovery of a new and potentially more transmissible coronavirus variant by South African health authorities has sparked a forceful reaction across the world with a number of countries banning travelers from several southern African countries.
Currently known as B.1.1.529, the newly identified variant has now been detected further afield in Botswana, Hong Kong and Belgium.
It appears to be spreading rapidly in parts of South Africa and scientists are concerned that its unusually high number of mutations could make it more transmissible and result in immune evasion.
"Initially it looked like some cluster outbreaks, but from yesterday, the indication came from our scientists from the Network of Genomic Surveillance that they were observing a new variant," Minister of Health Joe Phaahla said Thursday, stressing that it is currently unclear where the variant first emerged.
South African officials initially said there was one confirmed case in a traveler from South Africa to Hong Kong. Then Hong Kong health authorities on Friday identified a second case of the B.1.1.529 variant among returning travelers on the same floor of a designated quarantine hotel.
Also on Friday, the Belgian government said that one individual who had recently arrived from abroad, and was not vaccinated, had tested positive for the new variant, marking the first case in Europe.
Reinfection from Covid-19 is rare, severe disease is even rarer, a study of people in Qatar finds
Tulio de Oliveira, the director of South Africa's Center for Epidemic Response and Innovation, said the variant has "many more mutations than we have expected," adding it is "spreading very fast and we expect to see pressure in the health system in the next few days and weeks."
Viruses, including the one that causes Covid-19, mutate regularly and most new mutations do not have significant impact on the virus's behavior and the illness they cause.
The World Health Organization (WHO) will hold a meeting on Friday to decide whether the B.1.1.529 variant should be considered one "of interest" or "of concern," designations that signify the amount of risk that it could pose to global public health. WHO added it would "share further guidance for government on actions they can take."
"Although don't be surprised if Biden tries to take credit for it for this COVID crash in the price of the liquid energies."if
Not if Mike....when. :) We should have a parlay sheet on how many days it will take for him to take credit.
Thanks Jim! That would be par for the course.
For more on the new strain, go here. We'll likely be adding info at that link.