Production at Kazakhstan’s giant Tengiz oilfield has restarted after a fire on January 18 disrupted operations at its power facilities, according to the Chevron-led Tengizchevroil consortium. Output is being ramped up gradually as power distribution is restored, easing earlier concerns about potential supply tightness in the global crude market, particularly for benchmark blends such as Oil – Brent Crude and Oil – US Crude. The return of Tengiz, one of the world’s largest oilfields, helps stabilize regional supply expectations and may temper some of the recent risk premium that had built into oil prices amid supply disruptions and geopolitical uncertainties.
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Over the past month, Oil – US Crude has advanced about 7.73%, while Oil – Brent Crude has gained roughly 8.32%, reflecting stronger energy demand signals and ongoing supply risks, now partially offset by the Tengiz restart. Technical indicators for both benchmarks currently point to a short-term Buy signal for US crude and a Buy signal for Brent, suggesting near-term bullish momentum despite the incremental supply normalization. Natural Gas has risen around 27.41% over the last month, with a 1-day technical outlook also showing a Buy signal, indicating continued strength likely driven by weather-related demand and broader energy market volatility. Investors can explore more updates, prices, and analysis across global markets at Commodities.