This is a file photo showing Chevron Corp. Jack/St. Malo deepwater oil platform stands in the Gulf of Mexico in the aerial photograph taken off the coast of Louisiana, on Friday, May 18, 2018.
Luke Sharrett | Bloomberg | Getty Images
Two storms are barreling toward the Gulf Coast forcing a shutdown in oil operations, but the muted reaction in oil prices demonstrates just how closely the market is tied to a global recovery from Covid-19.
“Due to the moribund demand for gasoline and diesel fuels these days, due to the pandemic, it is hard to get a rally going off this remarkable dual-storm threat, which itself is remarkable,” Again Capital’s John Kilduff told CNBC.
Marco, which is expected to…