"The situation in the United States is no better. The U.S. recently posted its first day over 100,000 positive cases, a new single-day record. There is little appetite for more stay-at-home orders, but people could reduce mobility on their own. 'If the situation gets really dire, however, we presume that a reasonable proportion of the population (as well as increasing numbers of business) takes protective measures proactively,' JBC Energy said in a note."
"If the recent past is anything to go on, there is every reason to think that the latest wave will not be the last. 'That means unless we see a broad change in the policy of protecting healthcare services, we can expect another round of lockdowns in H1 2021,' JBC Energy said. 'With demand declining outright every month between now and February and with plenty downside potential, the outlook for oil prices is obviously souring.'"