- WTI rebounded nearly 5% on Monday from one of the largest ever daily drops as investors assess the risks to global demand due to the new Omicron variant
- Oil fell over $10 or 13% on Friday to $68.15/Bbl
- OPEC+ have already moved its technical meetings in order to give themselves time to review Friday’s route (BBG)
- OPEC and its allies will discuss their response to the Omicron variant at their meeting (Bloomberg)
- Ministers from OPEC are scheduled to meet on Dec. 2 to set their oil production policy for January
- The group is set to boost output by 400 MBbl/d, but some delegates say they may ditch the output increase in the short term
- Technicals:
- WTI’s put skew soared to 21.77ppt as of Friday; the most bearish since May 2020
- WTI’s 2nd-month implied volatility jumped to 60.45% as of Friday; the highest since early November 2020