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Omicron continues to affect energy prices

By Jenal Mehta

11:54, 2 December 2021

Photo of oil rig
– Credit: Shutterstock

Oil prices have seen a minor rebound, with Brent crude trading at $68.76 and US crude at $65.57, after falling on news of the new Covid variant.

Oil prices have dropped by up to 20% over the past month as countries around the world reimposed travel restrictions following alarm over the Omicron strain.

Markets await a decision later today from the Organization of the Petroleum Exporting Countries (OPEC) on whether it is going ahead with planned production increases.

Doubt over OPEC output increase

The originally scheduled increase of 400,000 bpd is under question and markets are not now expecting this to go ahead.

There remains a possibility of OPEC cutting output in the new year, which would be in line with the cautious approach seen in prior sessions this year.  

A report released by the US Energy Information Administration has revealed high summer jet-fuel inventories led to refineries processing less crude oil in the subsequent months.

However, decline in demand has led to crude oil inventories falling less than seasonally expected.  

Oil - Crude

74.50 Price
-1.560% 1D Chg, %
Long position overnight fee -0.0136%
Short position overnight fee -0.0083%
Overnight fee time 22:00 (UTC)
Spread 0.040

Oil - Brent

79.15 Price
-1.620% 1D Chg, %
Long position overnight fee 0.0010%
Short position overnight fee -0.0229%
Overnight fee time 22:00 (UTC)
Spread 0.045

Natural Gas

2.77 Price
-1.140% 1D Chg, %
Long position overnight fee 0.0451%
Short position overnight fee -0.0670%
Overnight fee time 22:00 (UTC)
Spread 0.0050


2,072.25 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0193%
Short position overnight fee 0.0111%
Overnight fee time 22:00 (UTC)
Spread 0.30

US natural gas traded at around $4.24 today, a 26% decrease from a high of $5.71 in early November.

Continuing travel restrictions are likely to further reduce demand in the near future.   

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Brent crude oil

  • Day range: $68.54 - $72.87
  • 52-week range: $46.82 - $86.70

US crude oil

  • Day range: $66.41 - $67.36
  • 52-week range: $43.92 - £83.83

US natural gas

  • Day range: $4.13 - $4.37
  • 52-week range: $2.26 - $6.47
Percentage price changes Price change – Credit:

Read more: Energy storage firm Gelion (GELN) opens up on AIM debut

Read more: European stocks wobble on Omicron vaccine-escape worries


Markets in this article

Oil - Brent
Brent Oil
79.146 USD
-1.303 -1.620%
Oil - Crude
Crude Oil
74.504 USD
-1.183 -1.560%
Natural Gas
Natural Gas
2.7730 USD
-0.032 -1.140%

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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