Oil Optimism Returns On Fresh Vaccine News

Oil prices reacted positively to the news of a Pfizer vaccine that is reportedly 90% effective for the coronavirus.

•   Energy-related CO2 emissions in the U.S. declined by 3% in 2019, after rising by 3% the year before. The decline was largely due to the evolving mix of electricity generation
• Emissions from coal plunged by 15% as more coal plants were taken offline. Emissions from natural gas increased by 7%.
• U.S. electricity emissions are now down by 33% from their peak in 2007.
• Renewables and nuclear power combined account for 38% of the electricity mix. The carbon intensity of electricity has fallen sharply to 408 metric tons per kilowatt-hour in 2019, down from 619 mt/kWh in 2005.

Oil prices skyrocketed on Monday after Pfizer announced that its vaccine would be more than 90% effective for the coronavirus. The announcement rippled across financial markets, with the share prices for Zoom crashing, but the stocks for cruise lines, airlines, and automakers, among other sectors, all shooting up. With markets contemplating the possible end of the pandemic sometime next year, optimism returned in a big way. Needless to say, crude oil had its best day in months, soaring more than 10%. The uplift also led to huge gains for the share prices of many oil companies. 

Source: OilPrice.com