DeHaan: Investors In A Holding Pattern Until Vaccination Is Developed

After a very slight rally in late July and early August, oil prices have returned to their downward trends. West Texas Crude was trading $37 per barrel in Monday’s action. Patrick DeHaan with Gasbuddy said a lack of optimism internationally has put a cap on prices in a variety of ways. And he doesn’t see that attitude changing until a vaccine is released.

“Having a major effect on our lives, a lot behaviors have been changing, and that’s had a serious impact on demand. So, until this coronavirus issue sees some light at the end of the tunnel, I think we will continue to see prices challenged.”

Because of uncertainty, DeHaan noted that OPEC has cut their forecast for the remaining portion of 2020. What does this mean for the price of diesel in your neighborhood?