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A Touch Above Wednesday’s Settlement Levels

OIL

WTI & Brent crude futures sit ~$0.20 above their respective settlement levels, holding to sub-$0.50 ranges in Asia, with a lack of notable headline flow apparent ahead of the Christmas break.

  • South Korea presented the details re: its short-term commitments under the well-documented joint strategic oil inventory release that some of the major oil consuming nations are deploying, but this had no impact on prices.
  • A reminder that Wednesday saw the benchmark contracts draw support from positive news surrounding the broader omicron situation and a larger than expected drawdown in headline U.S. crude stockpiles in the weekly DoE inventory data
  • The next OPEC+ meeting provides a focal point in early ’22 (scheduled for January 4).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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