Many meat processing plants in the United States and Canada have temporarily closed because of the spread of COVID-19. Many of these essential businesses have seen the spread of the virus amongst their workforce, leading to complete shutdowns or reduced production.
As of 11:48 a.m. EST, April WTI was $44.9/barrel, RBOB $1.4814/gallon and ULSD $1.477/gallon. The US oil rig count stands at 679 active rigs. The crack spread for ULSD is $17.13 and $17.32 for RBOB.
Federal Reserve Chair Jerome Powell provides twice-a-year updates to Congress regarding the outlook for the U.S. economic growth. Today he will be testifying before Congress and the expectations are for a positive update.
There has been a lot of talk in the news recently about the Phase One United States and China trade deal that was signed on January 15th. There are several topics that have been in discussion between leaders of the top two economies in the world including trade deficit, intellectual property, tariffs, and currency.