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Oil Falls Back On Omicron Restrictions

COMMODITIES
  • Oil futures have more than given up yesterday's mild gain, down -1.2% on latest Omicron-related restrictions. Headlines of Pfizer/BioNTech getting emergency use authorisation in the US for boosters in 16yrs+ had very little impact.
  • This follows two strong daily gains earlier in the week but prices are nevertheless still circa 9% below pre-Omicron levels.
  • WTI is -1.2% at $71.5 for Jan'22, close to session lows and with the first support at $69.52 (Dec 7 low). The dip has been across the futures curve, unlike yesterday where gains were concentrated in shorter-dated contracts.
  • Brent is -1.1% at $75.0, below the 50-day EMA of $77.21 and with the first support at $73.20 (Dec 7 low).
  • Energy data confined to US weekly rig count tomorrow, although there is dollar risk from US CPI.
  • Gold has also dipped -0.45% to $1775. Once again, short-term conditions remain bearish with attention on the base of a bull channel at $1764, drawn off the Aug 9 low.
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