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Free AccessOil Up Again On Easing Covid Fears, Gas Swings Continue
- Oil futures are up a little over 1% as improved risk-on sentiment as Omicron fears ease for the third day running.
- WTI is +1.2% at $73.7, with resistance next seen at $74.54, the 61.8% retracement of the Oct-Dec sell-off, whilst support is seen at $68.56 (Dec 21 low).
- Price increases have been broadly spread across 2022 contracts as opposed to yesterday’s front-loaded bias.
- Brent is +1.3% at $76.3 and through a couple resistance points including the 50-day EMA of $76.17. Next resistance at $76.70 (Dec 9 high).
- Gold is up +0.2% at $1807.8, moving closer to the near-term bull trigger at $1815.6 (Nov 26 high). Initial firm support is seen at $1773.1 base of the bull channel.
- US natural gas prices have swung heavily, currently down -4.4% on the day from a trough of -9.5%. They are back towards month lows and almost 20% below the Nov average, helping dampen US energy price inflation over the short-term.
- This is small compared to the more than 20% daily decline in European gas prices on incoming US LNG cargoes after a surge earlier in the week put European prices at a rare premium to Asia.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.