TotalEnergies Offers Iraqi Crude Oil to Asian Buyers

The news that TotalEnergies is offering Iraqi crude oil to Asian buyers indicates an expansion of the company's trading activities, though it may not have a direct impact on the share price in the short term. Technical indicators present mixed signals: the RSI is neutral at 50, and the MACD is below zero but close to crossing above its signal line, suggesting weak bullish potential. The price is above the 20-day moving average but below the 50-day average, supporting a short-term recovery trend. Despite a 1.8% decline in the last 24 hours reflecting selling pressure, the positive impact of the news and the neutral-to-slightly bullish technical indicators make it difficult to determine a clear direction. Therefore, a sideways movement is expected in the short term.

The news that TotalEnergies is offering Iraqi crude oil to Asian buyers may not have a direct impact on BP. However, it could create expectations of increased global oil supply, potentially putting pressure on prices. Technically, BP's stock shows short-term direction uncertainty, with the RSI at 59 in neutral territory and the MACD above the signal line but not yet in positive territory. The price is above the 20-day moving average but close to the 50-day average, increasing the likelihood of consolidation at current levels. The slight decline over the past 24 hours may partially reflect the negative impact of the news, but no clear directional signal has emerged.

The news concerns TotalEnergies offering Iraqi crude oil to Asian buyers, which could indicate an increase in global oil supply. Although CVX shares showed a slight decline in the last close, the RSI remains neutral at 57 and the MACD continues to stay above the signal line. While the 20-day SMA being below the 50-day SMA points to short-term weakness, the price staying above the 20-day SMA maintains recovery potential. The direct impact of the news on CVX is limited, as the market is more focused on OPEC+ decisions and demand data. Therefore, short-term direction uncertainty persists.

The news indicates that TotalEnergies' offering of Iraqi crude oil to Asian buyers creates potential for an increase on the supply side. However, technical indicators show the RSI approaching overbought territory at 67, while the MACD is positive but close to its signal line. In the short term, the price is expected to consolidate around the 72.21 level, trapped between the SMA20 and SMA50. Therefore, it is difficult to determine a clear direction; as the market attempts to price in the news, it may encounter technical resistance.