WTI crude soars through $75 as the risk trade rips

Oil is soaring.

WTI crude oil is now up $2 to $75.77, which is the highest since the omicron outbreak took off. it has been as low as $72.55 earlier but has ripped since the start of US trading.

oil daily technical analysis

There isn’t a headline behind the move but in the gas market there is a report that Gazprom hasn’t booked gas transit capacity for exports via the Yamal pipeline for Dec 28. They’ve been zeroed out for nearly a week but Russia says it’s fulfilling all contracts.

I look to broader markets as the driver. The S&P 500 has further pushed the record run to 4770, up 45 points on the day.

The rally in oil has dragged USD/CAD down to 1.2790 from 1.2845 earlier.

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *