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Oil Firmer With Risk-On But Overshadowed By Surging Gas

COMMODITIES
  • Oil futures are up ~3.5% today on broader risk-on sentiment that has extended throughout the day.
  • WTI is +3.7% at $71.2, moving through the initial resistance of $69.98 and next eyeing up $73.13/14 (Dec 9 high/50-day EMA). Support is seen at $66.12 (Dec 20 low).
  • $75/bbl calls have been the most active strikes today for the G2 (Feb'22) contract, followed by $60/bbl puts.
  • Brent +3.3% at $73.9, with resistance seen at $74.68 (20-day EMA) and first support at $69.24 (Dec 3 low).
  • Gas prices meanwhile have spiked more than 20% in Europe on a combination of Russia reducing gas flows and higher demand from both colder temperatures and plugging the renewables gap from low winds.
  • US heating gas is up a more modest +1% on cooler weather forecast but remains relatively depressed compared to the elevated Sep-Nov levels.
  • Gold has softened in recent trading to be down -0.2% on the day at $1787.2. It eyes $1771.4, the base of the bull channel drawn from the Aug 9 low, whilst resistance is seen at $1815.6, the Nov 26 high.
Energy BulletsCommodities
Energy BulletsCommodities

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