Natural gas breaks down through support [Video]

Steve O'Hare Signal Centre

Oil prices came under renewed selling pressure on Tuesday with underlying demand concerns due to the Omicron variant.

The more hawkish than expected Fed rhetoric and a dollar recovery also contributed to selling pressure. WTI plunged over 5% to lows below $65.0 p/b before stabilizing. API data recorded a small inventory draw, although risk conditions dominated.

WTI recovered to $68.00 p/b on Wednesday with Brent around $71.20 p/b as choppy trading continued.

After holding net gains, precious metals dipped sharply following Powell’s comments, especially with strong US dollar gains.

Author

Steve O'Hare

Signal Centre

Steve has over 30 years of trading experience in Commodity, Equity and Fixed Income markets, in both research and trading.

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