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Oil Supported By Inventory Drawdown And Risk-On

COMMODITIES
  • Oil futures are up 1-1.5% on growing risk-on sentiment, helped by a larger than expected drawdown in US crude oil inventories. They have consolidated these gains since Pfizer’s Covid pill was recently cleared by the FDA.
  • WTI is +1.6% at $72.2, with resistance seen at $73.06 (50-day EMA) and initial support at $68.56 (Dec 21 low). Gains are however heavily skewed towards short-dated contracts.
  • Brent +1.2% at $74.8, above the 20-day EMA of $74.61 as they next eye the 50-day EMA of $76.21 for resistance. Support is seen at $69.24 (Dec 3 low).
  • Gold has been boosted on this backdrop, up +0.6% at $1799.2. It sits between the near-term bull trigger at $1815.6 (Nov 26 high) and the $1772.2 base of the bull channel.
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