1) The peak oil production could come in 2028 due to pandemic, a result of the economic fallout from the COVID-19 pandemic, which suppresses oil demand to such a degree that it will accelerate society’s transition from the fossil fuel. Some analysts predict oil demand will peak at 102 million barrels per day in 2028, two years earlier than predicted before the virus struck. The slow recovery will permanently affect global oil demand levels, lockdowns will stunt economic recovery in the short-term and long-term, while the pandemic will leave a legacy of behavioral changes that will also affect oil use. Right now, global oil demand is averaging about 89.3 million barrels per day, a 10 percent decline from last year, which experts say won’t rebound to those levels until 2023. Despite possible economic fallout governments in Europe and Asia, they are not backing off their clean energy goals. Electric vehicle sales are expected to reach 14 percent of total global car sales by 2025, and reaching 80 percent by mid-century.
2) Norwegian Cruise Line gives up on 2020 with Royal Caribbean, Carnival, and Norwegian Cruise Line Holdings suspended all cruises through the end of November. Resuming cruises have each company installing labs for COVID-19 testing at sea, then put through costly cruising simulations, and then following a number of additional regulations. So getting back to business by next month isn’t feasible anymore, therefore Norwegian Cruise Line became the first of the three giant operators to officially cancel the remainder of its 2020 voyages. Normally, December sailings are lucrative as people seek to leave cold weather behind during the holiday season. The cruise lines may not be able to hold out that long. To survive, companies need protocols that allows them to return to sailing safely, even if there’s a less than ideal experience for customers as well as the companies’ bottom lines. Consumers are already starting to lose faith in this once aspirational mode of leisure travel.
3) This last week, more than 61,000 children in the U.S. were diagnosed with Covid-19, the highest number than any other week. The true number of children with Covid-19 is higher because the illness tends to be mild in kids and because they may not always be tested. A 13-year-old boy has died over the weekend from Covid-19 infection, less than two weeks after he last attended class.
4) Stock market closings for – 3 NOV 20:
Dow 27,480.03 up by 554.98
Nasdaq 11,160.57 up by 202.96
S&P 500 3,369.02 up by 58.78
10 Year Yield: up at 0.88%
Oil: up at $38.15