U.S. oil futures suffer largest weekly percentage loss in over a decade

[Roland99]

https://www.marketwatch.com/story/global-oil-benchmark-falls-to-2-12-year-low-as-coronavirus-sparks-demand-fears-2020-02-28?mod=home-page

Oil futures finished sharply lower on Friday, with U.S. benchmark prices down over 16% for the week, the largest weekly decline in more than 11 years, with the spread of the COVID-19 epidemic around the world expected to significantly dent demand for crude.

The oil market looks like it’s pricing in “demand grinding to a halt,” Phil Flynn, senior market analyst at The Price Futures Group, told MarketWatch. “It’s the wild west in crude at this point, and we are at the mercy of the market sentiment.”

The April WTI and Brent crude contracts marked their lowest settlements since December 2018.

May Brent crude BRNK20, +0.44%, which is now the front month, dropped $2.06, or 4%, to $49.67 a barrel—the lowest most-active contract price since July 2017.

Well, at least it will be cheaper driving around to get away from the virus....

[Roland99]

1. Meanwhile, S&P 500 saw fastest fall from all-time closing high to correction on record

Are stocks headed for a bear market? Here’s how far they would have to fall as coronavirus-fueled selloff continues
https://www.marketwatch.com/story/how-far-away-is-the-coronavirus-fueled-stock-slump-from-entering-a-bear-market-2020-02-28?mod=home-page

Bear market thresholds

The speed of the current drop and uncertainty over the implications of the viral outbreak has left investors to wonder whether a bear market — defined as a 20% drop from a recent peak — could be in sight over coming weeks.

“We are now past a mere 10% technical correction and seem to be heading for a bear market, which is only logical when one considers the global backdrop,” said Michael Every, senior strategist, Asia-Pacific, for Rabobank, in a Friday note.

The S&P 500 would need to close at or below 2,708.92 to enter a bear market, according to Dow Jones Market Data, while the Dow would need to end at or below 23,641.14. The bear-market threshold for the Nasdaq rests at 7,853.74.

[3Hotdogs]

2. Price at our local pumps ain't being lowered.

[safeinOhio]

3. How about that.

Wholesale prices jump a dime and pump prices go up a quarter the next day. Drops a dime and it takes a week to drop a penny. Every station in town on the same day.