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Oil prices shrug off Omicron to reach two-month high

By Shadia Nasralla and Noah Browning LONDON (Reuters) - Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the...
Oil prices shrug off Omicron to reach two-month high © 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 and Noah Browning

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.

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

Brent crude futures were up 47 cents, or 0.6%, at $84.19 a barrel by 1430 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 0.8%, at $81.88.

Equities, which often move in tandem with oil prices, also ticked up, while a weaker dollar also lent support. A weaker greenback makes dollar-denominated oil contracts cheaper for holders of other currencies, [MKTS/GLOB]

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

OPEC+ oil producers continue to hold back more than 3 million barrels per day (bpd) in output while Iranian exports are pinned back by continuing U.S. sanctions.

Though OPEC+ producers are raising 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 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 in the week ended Jan. 7, market sources said, citing figures from the American Petroleum Institute (API).

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

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

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26-01-2022 08:59:06 (UTC+7)

EUR/USD

1.1281

-0.0018 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.1281

-0.0018 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.3509

+0.0013 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

USD/JPY

114.31

+0.44 (+0.39%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.7170

+0.0022 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

USD/CAD

1.2578

-0.0049 (-0.39%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (2)

EUR/JPY

128.95

+0.30 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/CHF

1.0383

+0.0009 (+0.09%)

Summary

Neutral

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Indicators:

Buy (1)

Sell (5)

Gold Futures

1,844.15

-8.35 (-0.45%)

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↑ Sell

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Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

23.898

+0.002 (+0.01%)

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↑ Sell

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Sell (12)

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Sell (9)

Copper Futures

4.5030

+0.0530 (+1.19%)

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↑ Sell

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Sell (12)

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Crude Oil WTI Futures

86.81

+1.21 (+1.41%)

Summary

↑ Sell

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Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

88.47

+1.29 (+1.48%)

Summary

Buy

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Natural Gas Futures

4.168

+0.274 (+7.04%)

Summary

Sell

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Sell (6)

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Buy (1)

Sell (7)

US Coffee C Futures

239.25

+1.35 (+0.57%)

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↑ Sell

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Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Euro Stoxx 50

4,182.35

+104.09 (+2.55%)

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Sell

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Buy (6)

Sell (6)

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Buy (1)

Sell (6)

S&P 500

4,356.45

-53.68 (-1.22%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (10)

DAX

15,505.95

+382.08 (+2.53%)

Summary

Neutral

Moving Avg:

Buy (8)

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Buy (2)

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FTSE 100

7,513.35

+141.89 (+1.92%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (10)

Sell (0)

Hang Seng

24,289.90

+46.29 (+0.19%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

2,004.80

-28.71 (-1.41%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (8)

IBEX 35

8,678.18

+198.68 (+2.34%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (7)

Sell (0)

BASF SE NA O.N.

67.795

+2.465 (+3.77%)

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↑ Buy

Moving Avg:

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Buy (6)

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Bayer AG NA

51.67

+0.85 (+1.67%)

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↑ Buy

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Sell (3)

Allianz SE VNA O.N.

224.70

+4.65 (+2.11%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

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Buy (1)

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Adidas AG

246.32

+8.57 (+3.60%)

Summary

↑ Sell

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Sell (8)

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Buy (0)

Sell (9)

Deutsche Lufthansa AG

7.072

+0.395 (+5.92%)

Summary

↑ Buy

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Buy (7)

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Siemens AG Class N

142.41

+3.89 (+2.81%)

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Neutral

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Deutsche Bank AG

11.512

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Summary

Buy

Moving Avg:

Buy (9)

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Indicators:

Buy (5)

Sell (2)

 EUR/USD1.1281↑ Buy
 GBP/USD1.3509↑ Buy
 USD/JPY114.31↑ Buy
 AUD/USD0.7170↑ Sell
 USD/CAD1.2578↑ Buy
 EUR/JPY128.95↑ Buy
 EUR/CHF1.0383Neutral
 Gold1,844.15↑ Sell
 Silver23.898↑ Sell
 Copper4.5030↑ Sell
 Crude Oil WTI86.81↑ Sell
 Brent Oil88.47Buy
 Natural Gas4.168Sell
 US Coffee C239.25↑ Sell
 Euro Stoxx 504,182.35Sell
 S&P 5004,356.45↑ Sell
 DAX15,505.95Neutral
 FTSE 1007,513.35↑ Buy
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,004.80↑ Sell
 IBEX 358,678.18↑ Buy
 BASF67.795↑ Buy
 Bayer51.67↑ Buy
 Allianz224.70↑ Sell
 Adidas246.32↑ Sell
 Lufthansa7.072↑ Buy
 Siemens AG142.41Neutral
 Deutsche Bank AG11.512Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
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RON 95-II,III
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JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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