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Oil Up Again On Easing Covid Fears, Gas Swings Continue

COMMODITIES
  • 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.
Energy BulletsCommodities
Energy BulletsCommodities

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