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  4. Oil Heads for Fourth Weekly Advance as Traders Shrug Off Omicron
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Oil Heads for Fourth Weekly Advance as Traders Shrug Off Omicron

(Bloomberg) -- Oil headed for a fourth straight weekly gain, the longest winning streak since October, on signs that the market is tightening as global consumption withstands the...
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Oil Heads for Fourth Weekly Advance as Traders Shrug Off Omicron Oil Heads for Fourth Weekly Advance as Traders Shrug Off Omicron

(Bloomberg) -- Oil headed for a fourth straight weekly gain, the longest winning streak since October, on signs that the market is tightening as global consumption withstands the impact of the omicron virus variant.

West Texas Intermediate dipped below $82 a barrel in early Asian trading, but was almost 4% higher this week. The American benchmark has made a strong start to the year as U.S. nationwide inventories fell to the lowest since 2018.

Crude has now clawed back most of the losses late last year that were driven by omicron and the White House-led releases from national reserves. Although it’s proved to be fast-spreading, the variant is also milder, lessening the impact on energy consumption. The International Energy Agency said earlier this week that global oil demand has proven stronger than expected.

Oil prices have benefited from a confluence of other supportive factors, including interruptions to supplies in producers such as Libya and Kazakhstan. There’s also concern the Organization of Petroleum Exporting Countries and its allies are unable to deliver their planned monthly increases in output in full.

Optimism about the outlook is reflected in the market’s bullish backwardated pricing structure, with near-term contracts above those further out. The spread between WTI’s two nearest December contracts has expanded for six weeks and is now more than $6 a barrel, up from less than $3 in early December.

©2022 Bloomberg L.P.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

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Moving Avg:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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Gold Futures

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26.677

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4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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S&P 500

5,035.69

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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