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$100 WTI Calls Top Most Strikes Of the Day For Mar’22

COMMODITIES
  • Crude oil prices have seen yet another day of strong gains on supply disruption, this time a temporary pipeline outage between Iraq and Turkey, along with continued geopolitical tension.
  • WTI is +1.26% at $86.51 (having settled +1.8% at $86.96). With an earlier high of $87.85, it briefly tested second resistance at $87.86 (2.00 proj of the Dec 2-9-20 price swing) after which it would open the $90 psychological round number.
  • Within the Mar’22 contract, the most active strikes have been $100/bbl calls.
  • Brent is +0.75% at $88.17, having also broken the first resistance level of $89.05. This opens $90 and then $91.29 (2.00 proj of the same price swing).
  • Gold meanwhile is up strongly, +1.6% at $1842.8 after earlier weakness in equity markets. It has cleared a key near-term resistance of $1831.9 (Jan 3 high) and next opens $1849.1 (Nov 22 high).
Energy BulletsCommodities
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