|Day's Range||2.903 - 2.951|
On August 10–17, the United States Natural Gas ETF (UNG) and the ProShares Ultra Bloomberg Natural Gas ETF (BOIL) rose 0.2% and 0.3%, respectively. These ETFs track natural gas futures.
While investors are encouraged by the low inventory levels following strong summer air-conditioning demand, they remain worried over unabated production from the Marcellus and Utica shale regions.
The Southeast Asian offshore natural gas assets of U.S. oil and gas producer Hess Corp, estimated to be worth as much as $5 billion, have attracted takeover interest from firms including Thailand's PTTEP PCL and Austrian energy group OMV AG, people familiar with the matter said. Hess, which has a collection of gas fields in North Malay Basin in offshore Malaysia and in the Malaysia-Thailand Joint Development Area (JDA) with 50 percent equal partner Petronas, has not yet decided whether to sell the assets, according to financial and industry sources. The interest in Hess' assets, among the few long-term and sizeable projects in the region, comes as cashed-up firms such as PTTEP are buying overseas assets, while the likes of OMV and Kuwait Foreign Petroleum Exploration Company have been scouring for acquisitions in Asia..
Gold markets broke down below a major support level during the week, slicing through the $1200 level like it wasn’t even there. This was mainly due to the US dollar strengthening as people began to find themselves concerned about the Turkish lira. Because of this, the natural proclivity of gold to be inverse of the US dollar came into play.
The Australian dollar has been the proverbial “whipping boy” for all things Sino-American related. This is because the Australian economy is highly levered to the Chinese economy, so it makes sense that perhaps it would have a major influence on the currency.
Houston-based Patterson-UTI was drilling the natural gas well in Pittsburg County for Oklahoma-based operator Red Mountain Energy. The incident killed five workers, including three from Patterson-UTI.
The gold prices initially rallied during the Thursday’s session but witnessed some amount of selling pressure on the top. The silver prices rallied during the yesterday’s session breaking above the $14.50 level after the news that Chinese delegation will visit the US to discuss the trade policy which eased some amount of tensions from the market. The crude oil prices moved very little during the yesterday’s session hovering just above the $65 level which is offering a bit of support to the market.
Disappointing US Macro data & positive Canadian manufacturing sales data provided CAD with strong support ahead of Canadian CPI scheduled to release today as both sides of pair try to gain upper hand on last trading session for the week.
Japan's Mitsubishi Corp on Friday said it has agreed to acquire 25 percent of Bangladesh's Summit Liquefied Natural Gas (LNG) terminal and plans to help develop an offshore receiving site in the South Asian country. The other 75 percent of the Summit LNG terminal will remain with Summit Corp. Summit LNG's project plans call for a floating storage and regasification unit (FSRU) to be installed off the coast of Moheshkali, where it will receive and regasify LNG procured by Petrobangla, the country's national oil and gas company.
The EUR/USD has formed a bullish Head and Shoulders pattern with the right shoulder being within 1.1350 zone. If the price closes above the trend line, it will mean a potential breakout to the upside targeting 1.1477. However if the price breaks below 1.1330, we could see a retest of 1.1300 with a potential for a further break lower
The British pound initially tried to rally during the day on Thursday, perhaps in reaction to the idea of the Chinese coming to America and it was more of a “risk on” day than originally thought, but at the end of the day we still have the Brexit concerns when it comes to the British pound, and we have broken down through a significant support.
An ExxonMobil-operated gas project in Papua New Guinea has agreed a deal to supply liquefied natural gas (LNG) to a unit of British oil giant BP, said Australia's Oil Search Ltd, a partner in the development. The agreement, starting this month, will provide BP with about 450,000 tonnes of LNG annually over an initial three-year period, rising to about 900,000 tonnes for the following two years, Oil Search said in a statement on Friday. "(The move) takes the total contracted volumes from the Project to approximately 7.5 MTPA (million tonnes per annum)", said Oil Search Managing Director Peter Botten.
There were signs that a natural gas well was not fully sealed before it exploded in January, killing five workers, the U.S. Chemical Safety Board said in an updated report on the accident on Thursday. The incident, which took place at a Pittsburg County, Oklahoma, well being drilled for producer Red Mountain Energy by drilling contractor Patterson-UTI, was the deadliest drilling accident since the 2010 Deepwater Horizon rig explosion, which killed 11 people. The CSB's chronology of events in the hours leading to the fatal blowout and fire showed a drill pipe was removed before it was fully emptied of the "mud" used to seal a well.
LONDON/WINNIPEG, Manitoba (Reuters) - Axpo, a Swiss utility and energy trader, said on Thursday it was in talks for a 10-year supply deal with a Canadian company planning to build a liquefied natural gas (LNG) terminal. A sales and purchase agreement would boost the chances that Pieridae Energy (PEA.V) would decide to build the C$10 billion ($7.6 billion) Goldboro project, which would be the first LNG export terminal on Canada's East Coast. Canada is rich in oil and gas but has yet to export major shipments of LNG to Asia from its West Coast or across the Atlantic from its East Coast.
The nearest support is a price cluster formed by a pair of 50% levels and a pair of uptrending Gann angles. The zone is 2833.25 to 2827.25. Inside this zone is a pair of angles at 2831.00 and 2829.50. The index could be choppy inside 2835.75 to 2827.25. We can even extend the zone to 2818.75 to 2840.50.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 1.1388.
Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a cleaner alternative and ports such as Gibraltar are preparing to offer upgraded refuelling facilities in the shipping industry's biggest shake-up in decades. From 2020, International Maritime Organization rules will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, unless they are equipped to clean up sulphur emissions. Using LNG to power ships instead of heavy fuel oil or the lighter marine gasoil can reduce polluting emissions of nitrogen oxides and sulphur oxides by 90 to 95 percent, according to industry estimates.
Aug 16 (Reuters) - Shanghai Sk Petroleum & Chemical Equipment: * SAYS ZHONGMAN PETROLEUM AND NATURAL GAS, PARTIES ACTING IN CONCERT HAVE BOUGHT 5.0 PERCENT STAKE IN THE COMPANY BETWEEN FEB 27 AND AUG 16 ...
Overnight, the market received data about the condition of the job market from Australia. The unemployment rate dropped, which was a good sign, but the employment change was worse than expectations. In overall, traders used this data to buy AUD, which is now strengthening across the market.
Japanese utilities and industrial companies are snapping up U.S. cargoes of liquefied petroleum gas (LPG) that are seeking a new home after Chinese buyers started to shun them amid an escalating trade war between Washington and Beijing. Taking in fuel that would otherwise be heading for China means Japanese imports of U.S. LPG are set to stay strong after already hitting record levels earlier this year. Robust Japanese purchases of LPG, often used as fuel for transport or cooking, underscore how the impact from the festering trade dispute between Washington and China is rippling across supply chains around the world.
Today’s price action will be dictated by investor aversion to risk. If demand for higher risk assets continues to increase then look for the USD/JPY to be underpinned. The news about the trade discussion between the U.S. and China is just a headline. However, investors seem to like it. There’s no guarantee that the trade discussions will end successfully, however, the news seems to have stopped the speculative selling for now.
Natural gas markets continue to bounce around overall, losing just slightly during the day on Wednesday as we continue to see a lot of volatility in this space. However, we are getting close to the top of the consolidation area so it makes sense that the market starts to rollover.
SEOUL, Aug 16 (Reuters) - South Korea's imports of liquefied natural gas rose 1.5 percent to 2.75 million tonnes in July from a year earlier, according to customs data released on Wednesday. Details of ...
Natural gas prices broke out on Tuesday but were unable to hold trend line support which was former resistance. Still prices consolidated and only fell 0.68% The weather is expected to be normal with warmer than normal weather cover most of the east and west coasts, while cooler weather is hovering most of the mid-west. Trader’s now await Thursday inventory report from the Department of Energy. Stockpiles are expected to rise by 33 Bcf according to Estimize.Technical Analysis