Kazakhstan expects crude output at its Tengiz oil field to return to regular levels within days, following a shutdown earlier this month after a fire damaged three transformers, according to comments by the country’s energy minister cited by Reuters. The disruption has removed an estimated 7.2 million barrels from supply, a factor that has contributed to recent strength in global benchmarks Oil – Brent Crude and Oil – US Crude, while traders have also watched broader energy-market dynamics, including shifts in Natural Gas pricing. The Chevron-led consortium at Tengiz has restarted the field’s power distribution system and begun ramping production, suggesting the supply impact may be short-lived if the restart proceeds as planned.
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Over the past month, Oil – US Crude (CM:CL) has gained about 8.18%, while Oil – Brent Crude (CM:BZ) is up approximately 9.03%, reflecting tighter supply expectations and geopolitical risk premia that were reinforced by the Tengiz outage. Natural Gas (CM:NG) has advanced more sharply, rising roughly 21.06% over the same period amid seasonal demand and storage considerations. From a short-term technical perspective, daily indicators currently point to a Buy bias for Brent, a Buy signal for US crude, and a Buy stance for natural gas, suggesting near-term momentum remains constructive even as the market begins to price in a gradual normalization of Kazakh supply. Investors can explore more updates, prices, and analysis across global markets at Commodities.