Defensive hedges in energy derivatives are increasing among institutional funds. Russia, the largest producer in the cartel after Saudi Arabia, depends on high prices to finance its war machine against Ukraine, but unlike Riyadh, has limited potential to increase production due to US and European pressure on its oil sector. Trade tensions, escalating conflicts and economic challenges added uncertainty to the energy sector in Q2. What's next for the oil and gas market in 2025? With oil price forecast April 2025 firming above $88, technical analysts predict continuation patterns favorable for bullish positions in commodity index funds through the month.