Mobility Data and Commodity Prices

COVID Lockdown 2020

Apple provides daily mobility data compared with baseline measurements from January 13th. The data measures daily search volume for directions broken out by driving, walking, and public transit.

Sources: Apple, Yahoo Finance

US Driving Activity and WTI Crude Oil Prices

Note the gaps in the price trend occur on weekends when markets are closed. The weekly driving pattern reflects peak driving activity on Fridays and Saturdays, with troughs on Sundays.

Crude prices briefly turned negative on March 20 when global storage reached capacity. Since then the recovery in prices has somewhat mirrored the rising trend in driving activity.

US Driving Activity, Bitcoin, and Gold

Bitcoin prices plunged in the early stages of the lockdown, while gold proved more resilient. Both trends, along with US driving habits, have recovered to very similar levels to those seen in January. While gold and bitcoin are both up about 15% from the start of the year, gold has achieved that outcome with much lower volatility.

US Driving Activity and Orange Juice Prices

Orange juice futures jumped in late March after the lockdown commenced. Prices have continued trending higher and are up almost 30% from January.