Shell Starts Production at Mina West Gas Field in Egypt's Mediterranean

Although Shell's start of production at the Mina West field in Egypt's Mediterranean signals a gradual increase on the supply side, the field's size and its weight within the global LNG balance appear limited. The price has already fallen 3.9% in 24 hours to 3.23, and the RSI at 39 confirms weak momentum. The MACD is below its signal line in negative territory, and the price is trading below both SMA20 and SMA50; this picture suggests that downward pressure may persist in the short term. However, since the news may already be largely priced in, a sideways-to-weak trend is more likely than a sharp decline. I therefore keep my direction neutral and my confidence low.

Shell's commencement of production at the Mina West field in Egypt's Mediterranean could provide a positive contribution to its production portfolio in the medium term. The price is trading at 99.08, above the SMA20 (98.38) and SMA50 (98.91); the short-term trend is slightly positive. RSI at 57 is far from overbought territory and above the MACD signal line, indicating momentum is recovering. However, the impact of the news may be limited and gradual; therefore, although I see the direction as upward, I maintain moderate confidence. In the 1-3 day window, a slight upward bias, with support around 98.4.