Oil

Shutdowns in Europe and more restrictions in U.S. cities and states are raising fears about another wave of oil demand destruction.
The API reported a considerable hurricane shutdown that inspired a crude build of +4.577 million barrels with a Cushing, Oklahoma increase of 136.000 barrels.
OPEC+ says it will do what is necessary to balance the global oil market but stopped short of making any firm commitments to extending production cuts.
Yet again, another potential hurricane is on track to take another direct hit on U.S. refinery row. Tropical Storm Zeta is setting its sites on the same path as Hurricane Laura and Delta, assuring more confusion and potential damage to the U.S. Energy Industry. 
Crude oil prices took a hit after the Energy Information Administration (EIA) reported gasoline and oil demand seems to be standing still. Do those numbers matter when it is clear that Hurricane Delta heavily impacted the data?
Oil is starting to struggle. We still have no deal on a stimulus package, but the main reason that oil is struggling is because the API defied the whispers and dared report a 584,000 barrel crude oil supply build.
Last year, U.S. consumption of renewable energy reached a record 11.5 quadrillion British thermal units (Btu), or 11 percent of total U.S. energy consumption, the EIA has estimated.
OPEC+ says it will do what is necessary to balance the global oil market but stopped short of making any firm commitments to extending production cuts.
U.S. output was down significantly because of Hurricane Delta and should rebound this week. Yet will it recover to pre-hurricane levels of over 11 million bpd?
It’s the oldest story in the commodity world, supply versus demand. Global oil supplies have tighten at an incredible pace. Yet fears that the demand recovery will falter, flipping us back to an oversupplied market, are keeping prices anchored.