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Oil prices shrug off Omicron slump, soar to 2-month highs

By Shadia Nasralla LONDON (Reuters) - Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the Omicron...
Oil prices shrug off Omicron slump, soar to 2-month highs © Reuters. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo

By Shadia Nasralla

LONDON (Reuters) - Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant.

Federal Reserve Chairman Jerome Powell said on Tuesday the economy of the United States, the world's biggest oil consumer, should weather the current COVID-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy.

Brent crude futures were up 34 cents, or 0.4%, at $84.06 a barrel at 0918 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 49 cents, or 0.6%, to $81.71 a barrel. Both contracts are set for their sixth session of gains out of eight.

The Brent contract is showing growing backwardation with front-month delivery around $4.20 more expensive than delivery in six months' time, indicating tight supply currently.

OPEC+ producers continue to hold back more than 3 million barrels per day in output, while sanctions on Iran pin back its exports.

And though OPEC+ producers are raising their output targets each month, technical difficulties have prevented several countries from hitting their quotas.

"Assuming China doesn’t suffer a sharp slowdown, that Omicron actually becomes omi-gone, and with OPEC+’s ability to raise production clearly limited, I see no reason why Brent crude cannot move towards $100.00 in Q1, possibly sooner," said Oanda analyst Jeffrey Halley.

"There are plenty of variable outcomes in the previous sentence, the biggest threat being Omicron in China, India, and Indonesia."

Meanwhile, European jet fuel refining margins are back to pre-pandemic levels as supplies in the region tighten and global aviation activity recovers.

U.S. crude stocks fell by 1.1 million barrels for the week ended Jan. 7, according to market sources citing figures from the American Petroleum Institute (API) industry group.

Government figures are due on Wednesday. [EIA/S]

On Tuesday, the U.S. Energy Information Administration upgraded its oil demand outlook, seeing U.S. demand rising by 840,000 bpd in 2022, up from a previous forecast for an increase of 700,000 bpd.

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18-01-2022 14:22:13 (UTC+7)

EUR/USD

1.1334

-0.0073 (-0.64%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

EUR/USD

1.1334

-0.0073 (-0.64%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

GBP/USD

1.3596

-0.0050 (-0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/JPY

114.53

-0.07 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7186

-0.0024 (-0.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2529

+0.0009 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

129.79

-0.93 (-0.71%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (1)

EUR/CHF

1.0390

-0.0034 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,814.50

-2.00 (-0.11%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

Silver Futures

23.547

+0.629 (+2.74%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

Copper Futures

4.3960

-0.0245 (-0.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

Crude Oil WTI Futures

84.64

+1.34 (+1.61%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

87.36

+0.88 (+1.02%)

Summary

↑ Buy

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Buy (12)

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Buy (6)

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Natural Gas Futures

4.286

+0.024 (+0.56%)

Summary

↑ Sell

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Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

US Coffee C Futures

239.00

-0.65 (-0.27%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Euro Stoxx 50

4,257.82

-44.32 (-1.03%)

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↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,587.88

-74.97 (-1.61%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

15,772.56

-161.16 (-1.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

FTSE 100

7,563.55

-47.68 (-0.63%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

24,112.78

-105.25 (-0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,108.30

-53.25 (-2.46%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,781.60

-57.10 (-0.65%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (11)

BASF SE NA O.N.

67.660

-0.480 (-0.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (0)

Sell (10)

Bayer AG NA

52.06

-0.76 (-1.44%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

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Buy (2)

Sell (6)

Allianz SE VNA O.N.

225.95

-1.10 (-0.48%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (1)

Sell (6)

Adidas AG

254.20

+1.55 (+0.61%)

Summary

↑ Sell

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Buy (0)

Sell (12)

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Buy (0)

Sell (9)

Deutsche Lufthansa AG

7.129

-0.112 (-1.55%)

Summary

↑ Sell

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Buy (2)

Sell (10)

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Buy (1)

Sell (4)

Siemens AG Class N

142.60

-3.40 (-2.33%)

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Sell (12)

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Buy (0)

Sell (9)

Deutsche Bank AG

11.926

-0.092 (-0.77%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1334↑ Buy
 GBP/USD1.3596↑ Buy
 USD/JPY114.53↑ Sell
 AUD/USD0.7186↑ Buy
 USD/CAD1.2529↑ Sell
 EUR/JPY129.79Sell
 EUR/CHF1.0390↑ Sell
 Gold1,814.50Buy
 Silver23.547↑ Buy
 Copper4.3960↑ Buy
 Crude Oil WTI84.64↑ Buy
 Brent Oil87.36↑ Buy
 Natural Gas4.286↑ Sell
 US Coffee C239.00↑ Sell
 Euro Stoxx 504,257.82↑ Sell
 S&P 5004,587.88↑ Buy
 DAX15,772.56↑ Sell
 FTSE 1007,563.55↑ Sell
 Hang Seng24,112.78↑ Buy
 Small Cap 20002,108.30↑ Buy
 IBEX 358,781.60↑ Sell
 BASF67.660↑ Sell
 Bayer52.06Neutral
 Allianz225.95↑ Sell
 Adidas254.20↑ Sell
 Lufthansa7.129↑ Sell
 Siemens AG142.60↑ Sell
 Deutsche Bank AG11.926↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(0/ 0) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
Cập nhật 18-01-2022 14:22:15
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ↀ Giá vàng thế giới
$1,815.74-3.59-0.20%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$85.34+0.050.06%
Brent$87.49+0.180.20%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.560,0022.870,00
EUR25.241,6226.656,50
GBP30.202,2531.491,85
JPY191,95203,20
KRW16,5120,11
Cập nhật lúc 18:54:36 18/01/2022
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