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Oil Slips Despite Bullish US Inventory Data

COMMODITIES
  • Crude oil futures have fully retraced a bid seen after bullish DOE US inventory data for an important holiday week, potentially correlated with some weakness in equities.
  • WTI had increased more than 2% on larger-than-expected US crude oil, gasoline and distillate inventory drawdowns (crude -3576k vs -3166k expected).
  • As it is, WTI is down -0.4% at $75.7, back where it was in earlier US trading although remains near month highs after last week’s bullish run.
  • Amidst low volumes, the most active strikes today for the G2 (Feb’22) contract have all been calls: $85/bbl, $80/bbl and $77/bbl respectively.
  • Brent is -0.7% at $78.4, off an intraday high of $80.17 yet also remains near month highs.
  • OPEC+ next meets on Jan 4 to decide whether to go ahead with the 400kbpd increase in Feb.
  • Goldman Sachs expects US crude prices going higher in 2022, with prices needing to stay high to spur supply.
Energy BulletsCommodities
Energy BulletsCommodities

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