The Energy Report: Transitory Omicron – Investing.com
The Energy Report: Transitory Omicron – Investing.com
Inflation is not transitory but perhaps the Omicron variant of the COVID-19 virus is. The oil markets crashed on Omicron virus fears. Some think it may have been legitimate, but someone forgot to warn US drivers.
The Energy Information Administration (EIA) showed blockbuster demand for products yesterday and a big drawdown on suggesting that the Omicron fears that have permeated the marketplace since Thanksgiving Day have been way overstated.
On top of that, oil is rallying on the fact that the Fed is now behind us and even though the Fed was hawkish, the reality is that they had signaled that they would be and despite what you read, the hawkishness was not as bad as expected.
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