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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessOil Hit By Omicron And Powell
- Oil is down again after yesterday’s tentative stabilisation, at lows since Aug on renewed Omicron fears and gathering pace on Powell’s recent accelerated taper comments.
- WTI is down -5.1% at $66.35 and remains bearish, very close to testing the support level at $66.21, the 76.4% retracement of the Aug-Oct rally.
- $60/bbl puts have been the most active strikes today for the F2 (Jan'22) contract, followed by $55/bbl puts and then closely $65/bbl puts.
- Brent is down -3.8% at $70.62, a bearish extension. Attention is on $69.57 next, the Sep 9 low, whilst initial firm resistance is up at $77.58.
- The White House will provide updates on Covid-19 efforts shortly at 1230ET whilst Biden yesterday suggested he will unveil a strategy for dealing with the Omicron variant on Thu.
- Weekly DOE inventories tomorrow plus key US macro data including ADP employment and the ISM manufacturing survey for Nov.
- Gold has slipped in recent trading on Powell’s comments on sticking with an accelerated taper and is now -0.5% lower today at $1775.5. It is through last week’s low with a key support next at $1759 (Nov 3 low).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.