Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares

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Oil was down in early Asian trading following a choppy session, as geopolitical tensions roiled the market, ANZ research analysts said.

Oil prices fell for a second day on Wednesday as investors waited to see if peace talks in the Russia-Ukraine war could open up more supply amid wider concerns about a surplus, highlighted by rising inventories.

Oil and gas prices are set to drop by 2026, with Brent crude falling to $55 per barrel and retail gas reaching $3 per gallon, according to new EIA projections.

Crude oil tightens inside a falling low-volatility channel, rejecting the 20-day MA again at $59.36 and printing lower lows toward $57.21–$57.77 support zone.

Trump's special envoy Witkoff is discussing the details of a Ukraine peace plan with Russia's Putin in Moscow.

WTI oil and Brent markets attempted early rallies but quickly reversed from key downtrend levels. Both grades continue to struggle with heavy supply pressures and weak demand, keeping prices capped and favoring strategies that fade short-term rallies.

OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more closely aligned with each country's real capacity.

The internet is filled with claims that oil is undervalued compared to, for example, gold prices, the stock market, historical levels and so forth, even as the President calls for prices to fall further. Many of those arguing prices are cheap appear to be price bulls who are relying more on financial indicators than market fundamentals or basic microeconomics, but others point to factors such as low surplus capacity in OPEC and a possible decline in shale oil production.

Crude oil futures hover at the $69.23 mid-point as Ukrainian drone strikes and Venezuela tensions clash with Putin peace talks. Key levels in focus.

Geopolitical tensions lift natural gas and oil as rising channels, EMA support and strong RSI readings point to further upside across energy markets.