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

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Delta CEO: Trump administration should issue mask mandate for air travel

Photo: Al Seib/Los Angeles Times via Getty Images

Delta CEO Ed Bastian on Friday told CNN that he believes the Trump administration should move to require the use of face masks during air travel amid a surge in coronavirus cases.

The big picture: Delta already requires passengers to wear masks during its flights, but Bastian says it can be difficult to enforce that directive if passengers refuse — and he's not sure if other airlines would be on board.

Trump's outdoor New Hampshire rally postponed due to weather

Photo: Win McNamee/Getty Images

President Trump's outdoor campaign rally in Portsmouth, N.H., slated to take place on Saturday, was postponed on Friday due to weather from Tropical Storm Fay, a senior White House official confirmed to Axios.

The state of play: Press Secretary Kayleigh McEnany told reporters on Air Force One that the event would take place in "a week or two" instead. The outdoor rally — which had encouraged the use of face masks — was scheduled after sparse attendance at Trump's indoor comeback to the campaign trail in Tulsa.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 12,333,740 — Total deaths: 556,110 — Total recoveries — 6,781,353Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 3,140,840 — Total deaths: 133,542 — Total recoveries: 969,111 — Total tested: 38,032,966Map.
  3. Public health: The U.S.' new default strategy: herd immunity
  4. ✈️ Travel: Delta CEO says Trump administration should issue mask mandate for air travelAirlines say air quality, cleanliness lower risk.
  5. Sports: Sen. Richard Blumenthal calls on colleges to cancel fall sports.