Solid News

Brent Crude Oil Market Update

2/14/2023 12:52 PM

During the morning trading session, benchmark Brent Crude Oil is correcting to the level of 86.00 ahead of OPEC's monthly forecast release today.

From the local perspective, investors reacted neutrally to yesterday's report by the Energy Information Administration of the US Department of Energy (EIA) on hydrocarbon production forecasts for March: shale oil production is expected to grow by 0.8% or 75.0K barrels per day. The figure for February was 9.282M barrels per day, lower than the previous estimate of 9.375M barrels per day. Also, analysts believe that the production of raw materials during 2023 will increase by 80.0K barrels per day to 12.49M barrels per day and, by 2024, will reach 12.65M barrels per day. At the same time, an additional plan was announced to release 26.0M barrels of oil from the strategic reserve from April to June, which should not seriously impact reserves since Congress planned this measure for the current year. At the moment, the filling of the strategic reserve is about 371.0M barrels and has not changed for several weeks in a row.

On the daily chart, the trading instrument is moving within the global downward corridor, approaching the resistance line.

Technical indicators point to a local correction: fast EMAs of the Alligator indicator are preparing to cross the signal line downwards, and the AO histogram is forming rising bars near the transition level.

Resistance levels: 88.10, 95.00. | Support levels: 82.70, 76.60.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024