WTI crude nears key moving average resistance as rising U.S. output and inventory builds weigh on the oil outlook. Traders eye technical levels for direction.
Falling crude inventories did not provide material support to oil markets.
Rising geopolitical risk premium provided support to oil markets today.
W&T Offshore, Inc. still faces market headwinds, but natural gas remains a strong component of its operations. Natural gas growth prospects are rosy amid data center expansion and increased electricity consumption. Its robust liquidity with solid cash flow and strategic management positions it well for growth and expansion opportunities in the long run.
Oil markets are under pressure as traders focus on rising supply.
Oil traders stay worried about rising production from OPEC+ countries.
Oil remains under pressure from OPEC+ supply risks and rising US inventories, while natural gas shows bullish momentum from long-term support.
Oil traders also focus on the new 50% tariff on Indian goods.
WTI crude consolidates near $64, Brent holds its rebound, and natural gas remains pressured under resistance. Key levels define market direction.
Traders try to evaluate the possibility of additional sanctions on Russia.
The last few years have been difficult for WTI's stock. The dispute with WTI's surety providers which posed a solvency risk appears to be resolved. Momentum is turning around and the 50 DMA closed above the 200 DMA for the first time in three years.
WTI climbs to $63 on sharp inventory draw, but oversupply fears and OPEC+ output keep energy markets volatile.