NYMEX ULSD     $1.1933 UP $.0010

NYMEX Gas       $1.2032 UP $.0284

Oil prices are on course to climb 10 percent this week as Hurricane Delta shuts in over 90 percent of production in the Gulf of Mexico, leading some analysts to claim prices are set for a breakout. Oil prices have posted strong gains this week, although opened trading on Friday slightly down. WTI was trading at $41 and Brent was close to $43, putting crude close to a 10 percent gain from last week.

Oil prices unlikely to collapse. The oil market has already prices in the slowing global demand recovery and the growing uncertainties about the economy amid resurging coronavirus cases in many parts of the world. Analysts largely concur that oil prices are not expected to move much higher than current levels of around $40 a barrel until the rest of the year, but neither are they likely to fall much as bearish factors have been priced in.

Election not moving oil prices.The U.S. is entering the final weeks of the presidential election, but energy markets have not noticeably moved on shifting fortunes of the candidates. Going by most poll results, a Biden landslide victory is looking more likely than a Trump win. But the oil market couldn’t care less.