Fitch: Oil Market Expected to See Supply Surplus in Q4 2026
📊 BRENT — Piyasa Yorumu
▼ down · 70%Fitch's expectation of a supply surplus in the last quarter of 2026 could exert pressure on oil prices. Technical indicators also support this view; although the RSI is at 27.6, indicating oversold conditions, the MACD is below the signal line and in negative territory. The price is trading below both the 20-day and 50-day moving averages. In the short term, the downtrend is likely to continue, but some buying on dips may occur due to oversold conditions.
📊 XOM — Piyasa Yorumu
▼ down · 65%Fitch's expectation of an oil market surplus in the last quarter of 2026 could weigh on energy sector stocks. XOM is currently trading above its 50-day moving average (149.75) but below its 20-day moving average (152.30), indicating short-term weakness. Although the RSI is neutral at 46, the MACD remains below the signal line, suggesting weak momentum. Despite a slight uptick in the last 24 hours, the oversupply news and weak technical indicators point to potential selling pressure in the coming days.
📊 CVX — Piyasa Yorumu
▼ down · 60%Fitch's expectation of an oil market surplus in the final quarter of 2026 creates a short-term negative signal for energy stocks such as CVX. Technical indicators support this view: the RSI at 47 is near the lower end of the neutral zone, and the MACD remains below its signal line. The price is trading below the 20-day moving average (189.16), indicating short-term weakness. However, since the 50-day moving average (186.47) is still below the price, the downside may be limited. The slight decline of -0.11% over the past 24 hours confirms negative momentum.
📊 BP — Piyasa Yorumu
▼ down · 65%Fitch's expectation of an oil market surplus in the last quarter of 2026 could create short-term pressure on BP shares. Technically, the RSI is in a weak zone at 44, and the price is trading below the 20-day moving average. The MACD remains below the signal line, indicating negative momentum. However, since the price is above the 50-day moving average, the downside may be limited. Short-term selling pressure could persist, but as the stock has not entered oversold territory, a sharp acceleration in the decline is not expected.