Oil prices steadied after the biggest drop in almost three weeks, as traders look to upcoming reports to assess the extent of the glut. The Energy Information Administration is set to release its Short-Term Energy Outlook on Tuesday, with reports due from the International Energy Agency and OPEC later this week.

London

Oil prices have stabilized after experiencing their largest decline in three weeks, with Brent crude remaining under slight pressure. Market participants are closely monitoring upcoming reports from the U.S. Energy Information Administration (EIA), the International Energy Agency (IEA), and OPEC+, which are expected to provide insights into production trends and inventory levels.

The EIA report is anticipated to shed light on resilient U.S. shale oil production, while the IEA's previous outlook raised concerns about a potential oil glut by 2026. OPEC+ is also set to release its own assessment, with its recent commitment to steady output through the first quarter of 2026 being watched for any potential changes.

Oil steady after biggest decline in three weeks

Stephen just break down what what traders are so anxious about what they're going to be watching for as well from these oil reports. We see Brent under pressure again today just by three tenths of a cent. So not nearly the same kind of pressure that we saw yesterday. But nonetheless it continues weaker prices around oil. Yeah I mean first off we're gonna have the EIA report. That's the U.S. government agency report that will show short term. I think give give a better picture on what's happening in the U.S. shale oil production has remained pretty resilient despite the drop in prices. I think there was expectation that you would see some producers really cut back the rate count. But oil output from the U.S. has stayed pretty strong. Kind of adding to that glut narrative. So that's one thing they're going to look at. Also how we're looking at inventories in the U.S. then later in the week we're going to get a better shot from the IEA which in their previous report said that we were facing a very large glut coming into 2026 which is what the market is the most afraid of. Is that situation changing around these Ukraine peace talks. How how is that playing into it. As well as lastly OPEC plus will be coming out with their report as well. And depending on what that report says on the state of the market you could see maybe a shift of strategy. Now OPEC plus has over the last two months been essentially saying that they're going to keep their output steady. They're not going to increase output in the first quarter of 2026 which is a reversal of most of this year when they've done larger than expected increases. But depending on the state of the market are they going to continue with that plan. Are they going to add more. Are they going to decrease. I mean OPEC plus remains a pretty large wildcard in this market.

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Ukraine Invasion

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Middle East Conflict

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