Oil stable as Omicron fears fade
By Jenal Mehta
11:38, 13 December 2021
After recovering more than two-thirds of its value, oil has stabilised in a narrow range in the past seven days.
Brent Crude Oil has been trading between $76 and $73 per barrel, while US Crude Oil moved between $73 and $70 in the past week.
Concerns about the effects of the Omicron variant have mostly subsided as news emerged about booster shots being effective in protecting against the virus.
The US Department of Energy issued a notice on 10 December about selling 18 million barrels of crude oil on 17 December. This is part of the ongoing plan to reduce energy prices that was set out by the set out by the White House in November. The first exchange of 4.8 million barrels has also been approved.
Six-month oil prices – Credit: KoyfinUS Natural Gas traded just under $4, having remained in the $3.50 to $4.50 price range since the beginning of December.
Gas price gains remain limited due to the low demand expected during upcoming warmer weather in the US.
The US Energy Information Administration expects US exports of liquified natural gas (LNG) to continue to increase in 2022, and to be the largest in the world.
Six-month natural gas prices – Credit: KoyfinPerformance
- Day range: $75.12 to $76.39
- 52-week range: $49.13 to $86.70
- 52-week price change: 50.39%
- 10-day Exponential Moving Average (EMA): $74.59
- 14-day Relative Strength Index (RSI): 45.76
- Day range: $71.63 to $73.00
- 52-week range: $45.69 to £83.83
- 52-week price change: 53.90%
- 10-day Exponential Moving Average (EMA): $71.14
- 14-day Relative Strength Index (RSI): 45.71
- Day range: $3.95 to $4.02
- 52-week range: $2.26 to $6.47
- 52-week price change: 50.10%
- 10-day Exponential Moving Average (EMA): $4.08
- 14-day Relative Strength Index (RSI): 39.46
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