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Oil Recovers But Still Heavily Down On Pre-Omicron Prices

COMMODITIES
  • Oil has softened in recent trading to leave it up 2% on the day but still down more than 13% from pre-Omicron levels.
  • It had been up 5% intraday before headlines on OPEC+ seeing a worsening oil surplus through Jan-Mar, DOE inventories and a more general mild risk-off backdrop.
  • DOE inventories were in line at a headline level but there were significant builds across both gasoline and distillates.
  • WTI is up 2% at $67.5 with a reasonably wide corridor to run in with initial firm resistance seen at $74.76 (Nov 22 low) and support focus on $64.39 (Aug 24 low).
  • Brent is up 2.1% at $70.7 with a similar corridor: initial firm resistance at $74.35 (Nov 30 high) and the next significant support at $66.67 (Aug 24 low).
  • Focus is on tomorrow's OPEC+ ministerial meeting and whether it goes ahead with previously planned output hikes. Biden is also due to unveil a strategy for dealing with the Omicron variant.
  • Gold prices have firmed 0.6% to $1785.7. It remains bearish with scope for a clear breach of 20 and 50-day EMAs and attention on the base of the channel at $1759.6, drawn off the Aug 89 low.
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