WTI slips to low-$78.00s amid subdued start to week as oil traders mull various macro, supply-side, pandemic themes By Frank_Macro Oil WTI
WTI has started the week in subdued fashion, currently trading about 50 cents lower just under $78.50.
Oil markets are weighing up themes this week including US inflation, supply disruptions and Omicron outbreaks in China.is in the red at the start of the week, with front-month WTI futures currently down about 50 cents on the session and probing the low-$78.00s, as the gradual pullback from last week’s highs above $80.00 continues. The price action thus far this Monday has been fairly uninspired, with WTI so far contained within a low-$78.00 to mid-$79.00 range.
On which note, macro focus will be on this week’s US Consumer Price Inflation data out on Wednesday which could impact market expectations as to whether theis going to hike interest rates in March or not. The theme of Fed tightening has been the major talking point and driver of equity, bond and FX markets in recent days, but crude oil has also been focused on supply-side dynamics.
Market commentators have also noted that China lockdowns are likely to be an important theme in crude oil markets looking ahead. Various Chinese cities are reporting instances of local transmission of the Omicron variant, the spread of which in China is seen as a key test of the country’s zero Covid-19 approach. After uncovering Omicron infections, the northern city of Tianjin has tightened exit controls, while the centrally located Henan province has also reported cases.
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