- The deterioration in the value of the dollar (DXY — Dollar Spot Index) has helped support oil prices over the past several days (Bloomberg)
- The Bloomberg Dollar Index has now reached its lowest point since April 2018 and is currently trading near 89.69
- The dollar has been pressured by negative sentiment surrounding the COVID-19 stimulus package, with the index falling by 56 pips since the announcement
- Colorado confirms the first COVID-19 variant-B.1.1.7 case in the United States (Reuters)
- The new strain has been wreaking havoc in London as more than 16 million citizens have been forced to stay at home to mitigate the spread
- The B.1.1.7 strain is reported to be up to 70% more contagious, though the virus effects mirror that of the original strain
- COVID cases doubled in London over the past week, with over 60% of the new cases attributed to the new strain, according to government statistics
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 2,449 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 212 MBbls
- U.S. Distillate Inventories: - 402 MBbls
- U.S. Refinery Utilization: + 0.38% change