Traders now await the release of official data from the Energy Information Administration delayed this week until late Thursday morning by Wednesday’s observance of Veterans Day in the United States.
In early morning trade, December WTI futures traded more than $1 higher near $42.40 bbl and the January Brent contract on ICE traded at a $45.30 more than two-month high on the spot continuation chart before easing to $44.75 bbl. December ULSD futures rallied more than 3 cents to $1.2840 gallon.
Nearby delivery RBOB futures traded at a one-month high $1.2341 gallon despite a resurgence in COVID-19 infections that are triggering government restrictions on certain businesses in some states. Traders appear to be betting Monday’s announced vaccine from Pfizer and BioNtech would limit broad lockdown orders by state governments.
The company announced this week the first immunizations could be administered before the end of the year should the vaccine be cleared by U.S. Food and Drug Administration by the third week of November.
In equities, Dow Jones Industrial Average futures look to gain 200 points at the market open Wednesday, extending the recent rally into sixth straight session. Contracts tied to S&P 500 advanced 0.79% with the NASDAQ up nearly 1% amid a market rotation out of “stay-at-home” stocks.
Liubov Georges can be reached at [email protected]
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