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Crude Returns Lower, Implied Vol Running at Highest Since Mid-2020

COMMODITIES
  • Both Brent and WTI crude benchmarks have dropped early Tuesday, with futures off 2.5-3.0% in response to renewed concerns that the omicron variant could dodge vaccine-acquired immunity. As a result, sentiment is largely risk-off across equities, fixed income and commodities, favouring gold at the expense of energy products.
  • WTI briefly showed below Friday's lows, printing a lower low of $67.06/bbl and cracking the 200-dma on the F2 future at $67.45/bbl.
  • With prices resuming recent weakness, implied vol measures remain well bid, with a 1m 50-delta measure now tracking at its highest level since mid-2020.
  • Gold is still consolidating but remains vulnerable. The yellow metal sold off sharply early last week extending the move lower from $1877.2, the Nov 16 high. Price has also traded below the 20- and the 50-day EMAs.
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