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Oil Ends Bullish Week On Softer Note

COMMODITIES
  • Brent oil ended the week on a modestly softer note but still up 3.5% for the week as Omicron curbs appear less strict than first feared.
  • Brent settled -0.9% at $76.14 before trading modestly lower on extremely low volumes. Yesterday’s break of resistance at $76.70 (Dec 9 high) had opened $77.42, the 61.8% retracement of the Oct 26 – Dec 2 sell off, whilst support is seen at $73.62 (Dec 22 low).
  • US markets are shut.
  • The next OPEC+ meeting on Jan 4 will decide whether to go ahead with a 400kbpd increase in Feb.
  • European gas prices meanwhile have slid further today, currently -18.5% at €108/MWh on incoming US LNG supply. They are back between Dec 10/13 levels having spiked to over €180 on Dec 21 from a combination of cold, still weather and low Russian supply.
  • ICE Natural Gas futures will cease trading at 1530GMT today.
Energy BulletsCommodities
Energy BulletsCommodities

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