empty
19.02.2025 12:32 AM
Oil Market Awaits OPEC+ Decisions

This image is no longer relevant

Brent crude oil futures are currently trading around $75.00 per barrel, consolidating within a narrow range. The nearest resistance level is at $75.90, while support can be found around $74.20.

Support Levels:

- $74.20 – horizontal level

- $73.20 – trendline

Resistance Levels:

- $75.90 – nearest level

- $77.20 – key resistance zone

The RSI (Daily) is at 50, indicating a neutral zone with no clear trend.

The MACD suggests a potential reversal signal, which implies that the market may continue to move sideways before a significant move.

The 50-day EMA is around $75.50, making $75.90 a critical resistance level.

If the price consolidates above $75.90, an upward move toward $77.20 is likely. Conversely, if Brent drops below $74.20, the likelihood of testing $73.20 increases.

The overall outlook for the market is mixed. On one hand, there are signs of weakness in oil grades that affect WTI and Brent futures prices. On the other hand, the market is being supported by reports of a potential delay in the OPEC+ production increase that was initially scheduled for April.

Another source of uncertainty is the upcoming negotiations in Riyadh. Any signs of de-escalation in the Russia-Ukraine conflict could lead to the easing of sanctions on Russian oil, which would alter the supply-demand balance and potentially lower global prices.

Natural Gas

Natural gas futures continue a corrective pullback, nearly breaking out of their short-term ascending channel.

Key levels:Support: $3.527–3.537/MMBtu.Resistance: $3.717–3.745/MMBtu.

This image is no longer relevant

RSI (H4) is at 48, showing no signs of oversold conditions.

The MACD indicates weakening momentum, suggesting the correction may continue.

If the price falls below $3.527, it is likely to decline toward $3.400. Conversely, if the price consolidates above $3.717, it may open the path toward a range of $3.800 to $4.000.

The market dynamics for natural gas are heavily influenced by weather conditions and LNG export volumes. However, nearby resistance levels may restrict further upward potential.

Market Focus

OPEC+ is contemplating a delay in the planned increase in oil production scheduled for April. This factor supports prices, as extending the production cuts would limit global supply.

Iraqi Oil Minister Hayan Abdul Ghani has announced that oil exports from Iraqi Kurdistan could resume within a week, with an anticipated supply of 300,000 barrels per day, which could add additional volume to the market.

Additionally, a drone attack on a pumping station of a Russian oil pipeline has disrupted crude supplies from Kazakhstan. The Caspian Pipeline Consortium (CPC), which serves as the main export route for Kazakhstan, has been affected. The CPC accounts for approximately 1% of the global oil supply, with significant stakes held by U.S. companies Chevron and Exxon Mobil, making this situation particularly sensitive for the global market.

Natalya Andreeva,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/CAD. Analysis and Forecast

The USD/CAD pair is showing a modest recovery from levels below 1.3600, retracing most of the previous day's losses, supported by a rebound in the U.S. dollar. In addition, concerns

Irina Yanina 13:09 2025-06-13 UTC+2

AUD/JPY. Analysis and Forecast

The AUD/JPY pair has been under selling pressure for the third consecutive day, reaching an almost two-week low around 92.30 during Friday's Asian session. After a sharp drop, spot prices

Irina Yanina 12:53 2025-06-13 UTC+2

Israeli Missile Strike on Iran Will Crash Global Markets (I Expect Bitcoin and #NDX to Resume Their Decline After a Local Upward Correction)

As I anticipated, the lack of a broad positive outcome in negotiations between China and the U.S. and renewed inflationary pressure led to a sharp decline in demand for corporate

Pati Gani 10:10 2025-06-13 UTC+2

Greed Will Do the Market No Good

The less you know, the better you sleep. Encouraged by a 21% rally in the S&P 500 from its April lows, the crowd continues to buy the dip—completely unbothered

Marek Petkovich 09:35 2025-06-13 UTC+2

What to Pay Attention to on June 13? A Breakdown of Fundamental Events for Beginners

Several macroeconomic reports are scheduled for Friday, but we doubt that the data will significantly impact traders today—especially today. As a reminder, Donald Trump intends to raise tariffs

Paolo Greco 07:16 2025-06-13 UTC+2

GBP/USD Overview – June 13: The Court Won't Stop Donald Trump!

The GBP/USD currency pair continued its upward movement on Thursday and nearly updated its three-year high. For most of the day, quotes hovered around the 1.36 level

Paolo Greco 03:41 2025-06-13 UTC+2

EUR/USD Overview – June 13: America's Economy Gets Lucky

The EUR/USD currency pair continued its strong upward movement throughout Thursday. Is anyone still puzzled as to why the U.S. dollar keeps falling? From our point of view, the reasons

Paolo Greco 03:41 2025-06-13 UTC+2

Trump Sends Out "Letters of Happiness"

It has been less than two weeks since Donald Trump raised import tariffs on steel and aluminum for all countries except the UK. While negotiations with the UK were deemed

Chin Zhao 00:21 2025-06-13 UTC+2

GBP/USD. A Weak Pound Stronger Than a Weak Greenback

Following weak UK labor market data, equally soft figures on British economic growth were released on Thursday. Almost all components of the report came out in the "red zone," increasing

Irina Manzenko 00:20 2025-06-13 UTC+2

The Dollar Flees the Battlefield

The old becomes new again. The word "recession" again trended in the Forex and other financial markets. May's U.S. Consumer Price Index (CPI) fell short of Bloomberg analysts' forecasts. Following

Marek Petkovich 00:20 2025-06-13 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.