Despite an increase in U.S. crude oil stockpiles oil prices continued to hang around the $48 a barrel mark in this week’s trading and it apparently is because of the growing news about COVID-19 vaccines making their way around the world.
With the vaccine already being used in Great Britain and other countries seeing shipments arrive, investors apparently are optimistic that soon, gasoline gluts might start disappearing as the public feels emboldened to start traveling again.
On Wednesday, U.S. crude inventories, including those at the Cushing crossroads in northern Oklahoma rose 15.2 million barrels to 503.2 million barrels. The Energy Information Administration’s figures compare with the 1.4 million barrel drop expected by analysts.
Adding to the dilemma was this fact. While oil exports plunged, U.S. net imports of crude oil rose by 2.7 million barrels a day last week. That was the biggest increase on record.
Despite that disappointing news, the markets remain high and many believe it is because of the prospect of the U.S. Food and Drug Administration approving the coronavirus vaccine that is already in place in Oklahoma and other states awaiting the agency’s nod.
The vaccine developed by Pfizer Inc and its German partner BioNTech SE arrived in the state over the weekend. It was already put to use on Tuesday in Great Britain when inoculations started.
