COVID-19 continues to linger in the US. Notably throughout most of the southern and western states. Bank of America Merrill Lynch International Analysis reveals that Arizona, Texas, Florida, California, South Carolina, Georgia, Utah, Oklahoma and Nevada are among the many ‘new hot spots’. These 9 states have seen day by day new instances surge from a mixed 5,000 on Memorial Day weekend to 20,000 not too long ago (7-day transferring common knowledge). In the meantime, the ‘old hot spots’ of New York, New Jersey, Connecticut, Massachusetts, and Washington peaked on April 10 with 16,000 day by day new instances. These 5 states have seen a gentle drop to about 1,200 new instances every day. Maybe as COVID-19 unfold from China to Europe to many main US densely populated areas over the course of the primary wave, it’s now lastly hitting different areas of the US. It’s not a second wave, reasonably a continuation of the primary.It stays to be seen if there can be a slew of latest financial shutdown measures.For the utility sector, the pandemic has and can lead to an enormous hit to world power demand. The Worldwide Vitality Company (IEA) predicts a 6% decline in 2020 utilization. Energy demand is predicted to fall simply 5% from 2019, nevertheless. Drops of those magnitudes can be the most important in 70 years, notes the IEA. For energy demand losses world wide in 2020 versus final yr, it may be the most important drop because the Nice Despair.Fossil fuels are anticipated to be hit the toughest as renewable era continues to usually develop within the gasoline combine. Coal is predicted to see sharp declines whereas some nuclear losses are additionally anticipated. Low pure gasoline costs will lead to nonetheless strong gasoline demand. Actually, the US may hit report energy burn figures throughout July given the bottom spot costs since 1995.Observe me on Twitter @MikeZaccardiChart supply: Bank of America Merrill Lynch International Analysis
