The main US crude oil futures broke through the $68.00/barrel mark and was last reported at $68.01/barrel, up 1.64% on the day.
US crude oil prices fell slightly during the session and traded along a minor downward trend line in the short term. At the same time, the stochastic indicator sent a negative signal compared with the price trend after reaching the overbought level, suggesting a negative divergence. This may mean that there is pressure for prices to pull back in the short term.
In terms of OPEC+, seven countries, including Russia, Iraq and Kazakhstan, released new plans to compensate for oil production that exceeds quotas. Monthly compensation means a daily production cut of 189,000 to 435,000 barrels. The new compensation production reduction plan will last until June 2026. From a fundamental perspective, this news has a certain supporting effect on oil prices, because production cuts will reduce market supply, which may push prices up.
The EIA natural gas inventory in the United States for the week ending March 14 was 90, the previous value was -620, and the forecast value was -30. The unexpected increase in inventory and the forecast of a decline in demand next week caused the decline in US natural gas futures to widen to 5%, which has a certain negative impact on the crude oil market, because natural gas and crude oil have a certain correlation in the energy market, and the weakness of the natural gas market may affect the sentiment of the entire energy market.
Overall, the current USOIL price has risen, but technical indicators suggest that there may be a short-term correction pressure. At the same time, OPEC+'s production cut plan has a supporting effect on prices, but the negative factors in the natural gas market have brought certain downward pressure. The subsequent trend still needs to pay close attention to the changes in various factors and the further reaction of the market.
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US crude oil prices fell slightly during the session and traded along a minor downward trend line in the short term. At the same time, the stochastic indicator sent a negative signal compared with the price trend after reaching the overbought level, suggesting a negative divergence. This may mean that there is pressure for prices to pull back in the short term.
In terms of OPEC+, seven countries, including Russia, Iraq and Kazakhstan, released new plans to compensate for oil production that exceeds quotas. Monthly compensation means a daily production cut of 189,000 to 435,000 barrels. The new compensation production reduction plan will last until June 2026. From a fundamental perspective, this news has a certain supporting effect on oil prices, because production cuts will reduce market supply, which may push prices up.
The EIA natural gas inventory in the United States for the week ending March 14 was 90, the previous value was -620, and the forecast value was -30. The unexpected increase in inventory and the forecast of a decline in demand next week caused the decline in US natural gas futures to widen to 5%, which has a certain negative impact on the crude oil market, because natural gas and crude oil have a certain correlation in the energy market, and the weakness of the natural gas market may affect the sentiment of the entire energy market.
Overall, the current USOIL price has risen, but technical indicators suggest that there may be a short-term correction pressure. At the same time, OPEC+'s production cut plan has a supporting effect on prices, but the negative factors in the natural gas market have brought certain downward pressure. The subsequent trend still needs to pay close attention to the changes in various factors and the further reaction of the market.
If you don't know when to enter the market, you can follow me. I will release specific signals in real time in the trading center, so stay tuned
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Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.