Energy prices near key support zones
December 17, 2025
The energy markets traded lower yesterday as the peace talks between Russia and Ukraine seems to have a positive slant currently offering the bears hope for more barrels and pressuring prices lower. These bearish factors had the upper hand in yesterday’s trading and making more noise than the geopolitical concerns with Venezuela.
Energy prices are near key support zones and if we see another strong down move it would open the market up to more selling as the market would be looking to test the next lower levels of support.
Crude traded down to a 5-year low yesterday, helped by the current positive peace talks and the outlook for an oil surplus in 2026. Poor economic data from China in retail sales was also bearish news.
The Bureau of labor Statistics reported that non-farm payrolls rose in November 2025 by 64,000 which was more than the 40,000 new jobs expected by economists.
President Trump on Tuesday ordered a total and complete blockade of all sanctioned oil tankers entering and leaving Venezuela. President Trump posted on Truth Social that Venezuela is surrounded by the largest Armada ever assembled in the History of South America. He was referring to US warships, planes, and thousands of troops deployed to the region.
The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude stocks to be down 2.426million barrels, gasoline up 1.427 million barrels, and distillates down 439,000 barrels.