* GE down after qtrly revenue misses
* Crude up as cold wave boosts short-term demand
* Schlumberger up after results, $10 bln buyback
* Futures up: Dow 219 pts, S&P 29 pts, Nasdaq 80 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Jan 22 (Reuters) - U.S. stock indexes looked set to open higher on Friday as oil prices surged for a second day, helped by a cold wave sweeping across the United States and Europe.
European Central Bank President Mario Draghi's comments on Thursday suggesting that the bank could ease its monetary policy in its meeting in March also encouraged investors.
Crude prices, under pressure from a global glut, were up 5 percent as the cold wave boosted short-term demand and traders cashed in their short positions.
The U.S. stock market has failed to sustain any rallies this year as risk-averse investors search for signs of stability. The S&P 500 is down 8.6 percent in 2016, having closed higher on only six of the 13 sessions.
"I don't think anybody really expected to see this kind of rout in global equities at the start of the year," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
"At some point, you do shake all the bad blood out and that's what I think the last couple of days were about."
However, concerns about a crude glut and a tepid demand outlook beyond the winter remain. Rating agency Moody's put 120 energy firms across the world on review for downgrades.
At 8:30 a.m. ET (1330 GMT), Dow e-minis were up 219 points, or 1.39 percent, with 60,093 contracts changing hands. S&P 500 e-minis were up 29 points, or 1.56 percent, with 340,557 contracts traded. Nasdaq 100 e-minis were up 80 points, or 1.94 percent, on volume of 67,047 contracts.
All eyes are also on the U.S. Federal Reserve, with expectations rife of the central bank slowing the pace of further rate hikes as it accounts for a weak global economy and inflation remains well below its 2 percent target.
U.S. economic data on Friday is expected to show that existing home sales rose nearly 9 percent in December compared with a 10.5 percent fall in November. The report is due at 10:00 a.m.
Fourth-quarter earnings reports are likely to offer little cheer, with S&P 500 companies on average expected to post a 4.5 percent decline in profit, according to Thomson Reuters data.
Shares of General Electric were down 1 percent at $28.31 premarket after the company's quarterly revenue missed analysts' estimates.
American Express was down 5 percent at $59.50, while Starbucks declined 2.4 percent to $57.70, after the companies issued disappointing earnings forecasts.
Schlumberger was up 2.4 percent at $62.95 after the world's biggest oilfield services company reported better-than-expected profit and set a $10 billion buyback program.
E*Trade was down 4.1 percent at $23.30 after the company's poor results sparked rating downgrades by at least three brokerages. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)