Mixed picture globally
France's health minister today reported 30,500 new covid infections in the past 24 hours. The peak in the August wave was 30,900 and seven-day average is 18,477 so that's worrisome.
At the same time, it's not all that surprising as neighbouring Germany and the Netherlands are near all-time highs.
Oil is a big story today but I'd argue the recent dip is about covid more than an SPR release. The latest lockdowns will cool activity in Europe and now we wait and see how long it lasts.
I suspect that's priced in now but I'm not sure what to expect from the US. Cases are turning up again and while the US has shown incredible resilience to locking down (it's not going to happen again), the Q3 numbers showed the voluntary lockdowns and curbs can mean a significant hit.