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Oil Holds Onto Recent Rally Ahead of OPEC+

COMMODITIES
  • Crude oil futures are mixed today, with WTI up 0.4% but Brent flat, on an day when both equities and USTs have rallied.
  • OPEC+ is likely to stick to existing plans at the Jan 4 meeting and confirm the 400kbpd output increase for Feb according to four sources per Reuters.
  • WTI is +0.4% at $76.9, holding onto the recent rally on the penultimate trading day of the year and with increases across the curve.
  • In a day of low volumes, by far the most active strikes for the Feb’22 contract have been $80/bbl and $85/bbl calls.
  • Initial resistance is seen at $77.37 (Dec 29 high) having stalled at the 76.4% retracement of the Oct-Dec down leg of $77.44. Support is seen at $68.56 (Dec 21 low).
  • Brent is -0.1% at $79.1, with initial resistance at $80.17 (Dec 29 high) and support materially lower at $73.62 (Dec 22 low).
  • Separately, gold is +0.5% at $1813.7 with attention on resistance at $1820.3 (Dec 29 high) and support at $1773.9, the channel base.
Energy BulletsCommodities
Energy BulletsCommodities

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