Energy

Muted oil reaction to dual storm threat is ‘remarkable,’ Kilduff says

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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…



Source cnbc.com

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