If there’s one thing that must be said about oil prices, is that it has been remarkably resilient over the past two months. And especially so in the past few weeks of trading.Global growth worries. China lockdowns. Worsening risk appetite. Recession fears weighing on demand outlook. And yet, all of that isn’t enough to sink oil below the $100 – at least not in a meaningful or significant manner.Going by the chart, there were some testing times since the retreat from the early March highs, but it seems like there is a certain stubbornness as price continues to hold up.I think one key argument that not many people are raising is that there continues to be a shortage in supply and the situation is likely to get worse amid the supposed transition to green energy. The fact there is underinvestment in the sector and falling inventories continue to allude to a tighter market in general.Throw in the fact that Russia supplies are being phased out with little to no immediate substitutes, the tighter market outlook is going to stay for longer. The capacity shortage and the fact that OPEC+ is also not doing much more than they are now isn’t going to help alleviate sentiment on that front either.When you throw in those factors and see how resilient oil prices have been as of late. It’s rather scary to imagine where prices might end up once we get over this hump.For now, the chart above points to a potential wedge pattern that is forming. That could hint at the next big move in oil if it breaks out from its somewhat consolidation pattern as of late.

I don’t want to be one to call it but for now, at least equities are seeing some breathing room as the week winds down.There’s still the US session to navigate through though and if there’s anything the wild swings have taught us this week is that to never discount a turnaround in sentiment before the closing bell.But for now at least, there are some optimistic signals. European indices are holding gains around 1.2% to 1.6% while US futures are also settling higher ahead of North American trading at least.S&P 500 futures are up 1.1%, Nasdaq futures up 1.7%, and Dow futures up 0.8% on the day.Elsewhere, bond yields are also moving up with 2-year Treasury yields up 6.6 bps to 2.588% and 10-year Treasury yields up 8.5 bps to 2.902%. In FX, things are less interesting with the recent dollar rally taking a breather with the greenback holding more mixed without any real technical significance so far today.

His tweet reads:“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users“The company’s shares are now down 17.4% in pre-market trading. ¯_(ツ)_/¯

Prior +0.7%
Industrial production -0.8% vs -1.0% y/y expected
Prior +2.0%

Looking at the details, production of capital goods fell by 2.7% on the month, non-durable consumer goods by 2.3%, intermediate goods by 2.0% and energy by 1.7%, while production of durable
consumer goods rose by 0.8%.