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The International Energy Agency's monthly market analysis released Thursday says global oil demand will fall by 435,000 barrels per day during this quarter compared to the same period a year ago.

Why it matters: It's the first quarterly contraction in over a decade.

  • The agency also revised its total 2020 demand growth figure. They now see global oil thirst growing by 825,000 barrels per day this year, which is 365,000 lower than their previous forecast.
  • That would be the smallest expansion since 2011, as the IEA noted "significant" market consequences from the tragedy.

The big picture: The report underscores something we highlighted last week — China's enormous influence on global energy markets and the spillover effect when travel and economic activist is curtailed. Last year China accounted for over three-quarters of global demand growth, IEA notes.

  • "While the SARS epidemic of 2003 is widely used as a reference point for analysis of COVID-19, China has changed enormously since then."
  • "Today, it is central to global supply chains and there has been an enormous increase in travel to and from the country, thus heightening the risk of the virus spreading."

But, but, but: While today's report puts a highlighter pen over all this, crude markets have already priced in a lot of the demand shock.

  • Crude prices have tumbled sharply over the last few weeks to their lowest levels since early last year as the outbreak worsened, but have made up some ground in recent days.

Go deeper: Coronavirus cases spike after China revises diagnosis criteria

Go deeper

Updated 37 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 53 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.