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Two pedestrians in Jiangtan Park on Jan. 27 during the lockdown in Wuhan, China. Photo: Getty Images

Some analysts are beginning to wonder if oil markets are overly spooked by the potential for the coronavirus to dent energy demand as travel and economic activity are crimped.

Why it matters: The human health toll is what matters most, with at least 107 people dead so far. But the coronavirus is also rattling markets, and is arriving when the oil market was already awash in supplies and demand growth was modest.

  • China, where the outbreak is centered, is the world's largest oil importer and flights in the region are a massive source of jet fuel consumption.

What they're saying: "Several questions remain unanswered about the potential fallout from the coronavirus, but if the experience from the 2003 SARS outbreak is any indication, demand worries are likely overdone," Barclays said in a note.

  • RBC Capital Markets said in a report: "We believe coronavirus is a Chinese jet fuel demand story for now and not yet a global demand story."
  • Their report, while noting the outbreak is still unfolding, says that right now the price decline is "overextended" compared to supply and demand fundamentals.

What's next: Who knows? "[C]alling the bottom of a market with any degree of conviction during periods of epidemics is exceedingly difficult," RBC notes, citing fear in the marketplace.

Where it stands: OPEC "wants to extend current oil output cuts until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new coronavirus," Reuters reports this morning.

  • Brent crude is hanging around in the $58 per barrel range this morning, with this week reporting the lowest in over three months despite conflict in Libya that's cutting output.

By the numbers: Barclays' note sees global crude oil demand loss related to the virus at around 600,000 to 800,000 barrels per day in Q1 and around 200,000 for the full year, which they note is less than 0.2% of global demand.

  • They also see OPEC and allied producers stepping in with more supply cuts if demand loss is more severe.

Go deeper:

Go deeper

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro.

4 hours ago - Health

5 times as many police officers have died from COVID as from guns since pandemic began

Photo: Genaro Molina / Los Angeles Times via Getty Images

COVID-19 is the leading cause of death for police officers even though members of law enforcement were among the first to be eligible to receive the vaccine, CNN reports, citing data from the Officer Down Memorial Page.

Why it matters: Nearly 476 police officers have died of COVID-19 since the pandemic started, compared to the 93 deaths as a result of gunfire in the same time period, according to ODMP and CNN.

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.