For years to many of us, the day after Thanksgiving otherwise known as “Black Friday” has been the unofficial start of the holiday shopping season. Consumers search ads sent by retailers to find the best deals, plan the big day in advance in hopes to score the season’s hottest items. We’ve even waited in line to get into stores on Thanksgiving Day. In recent years, some retailers have pushed the start of holiday shopping a bit earlier, but have we ever seen it start THIS early?
Yesterday, governor Tom Wolf made an announcement to order all non-life-sustaining businesses in Pennsylvania to close physical locations to slow down the spread of COVID-19. The deadline for these businesses to close was 8:00 p.m. on 3/19/2020.
Over the weekend, Italy announced that they were planning to quarantine the northern region of Lombardy as they fought to contain the spread of the coronavirus (COVID-19). The government put measures in place, such as fines, to prevent people from entering and leaving the region until at least April 3rd. They also imposed a decree that banned all forms of public gatherings and events, such as, closing pubs, clubs, gyms, and urged residents to remain in their homes.
As we enter the end of our winter season in the Northeast, the mild winter combined with global oversupply fears has caused liquefied natural gas (LNG) prices to plummet and the worst may not be over.
On the morning of Monday, January 6, 2020, WTI crude oil was nearing $64/bbl. As of 10:31 a.m. EST on Thursday, February 27, 2020, WTI crude oil was trading at $46.36/bbl. The shocking effects of the coronavirus fear continue to decimate global markets, particularly oil markets. Fortune.com aptly points out that the coronavirus has done to the oil industry what the U.S. and China trade war, strikes on Saudi oilfields, Libyan supply outages, and a near war between the U.S. and Iran-could not. The virus has thrown traders and analysts into complete turmoil.