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- Oil futures are up 3% on the day, slowly grinding higher throughout the day in a narrow corridor after moving higher at open. It has been led by Saudi Aramco raising Jan oil prices for all crude grades to Asian and US buyers along with subsiding fears on the severity of Omicron.
- WTI is +3.43% at $68.53. Thursday's rebound from the session low has defined $62.43 as a key short-term support, with initial support at $65.60. Resistance is seen at $69.22 (Dec 3 high) after which we could see a short-term recovery towards the low $70s.
- Brent is +3.16% at $72.09. Similarly, the rebound from Thursday's low suggests potential for a short-term recovery that would allow an oversold condition to unwind. Next firm resistance is $74.35 (Nov 30 high), key short-term support is $65.72 (Dec 2 low).
- Conversely, natural gas prices have continued to drop sharply, down -11.5% to $3.65 and a four-month low as record-high seasonal temperatures in the US have seen domestic stockpiles rebound.
- Gold is down -0.1% at $1781, with attention remaining on the base of a bull channel at $1762.1 drawn off the Aug 9 low and an important support. Initial firm resistance is set $1815.6 (Nov 26 high).