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Oil Re-Couples With Equities On Lower Omicron Concern

COMMODITIES
  • Oil futures are up 3+% today on reduced Omicron fears as they followed equities climbing higher throughout the day. Prices dipped fleetingly ahead of the start of the Biden-Putin call but have since moved higher.
  • WTI is +3.5% at $71.93 in a corrective climb after yesterday's solid rise, although remains 8% below pre-Omicron levels. Resistance is seen at $73.18, the 20-day EMA.
  • Brent is +3.2% at $75.39, also in a corrective climb and after breaking the 20-day EMA of $75.82 now looks at the 50-day EMA of $77.34.
  • Weekly DOE inventories released tomorrow.
  • US natural gas prices are up 1.7% today but in a broad sense have only roughly stabilised after yesterday's slump on mild winter weather and increased stockpiling.
  • Gold is +0.39% at $1785.73 but has kept to a relatively narrow range today aside from a sharp $10 dip which was swiftly reversed. Attention remains on the bull channel base at $1763.
Energy BulletsCommodities
Energy BulletsCommodities

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