|Day's Range||2.5760 - 2.5870|
SHANGHAI/SINGAPORE, May 23 (Reuters) - PetroChina is bucking normal practice and raising its wholesale natural gas prices during the weak-demand spring season, several sources said, preparing for the coming consolidation of China's pipeline assets and trying to recoup huge fuel import losses. The increases from PetroChina - which supplies more than 70 percent of China's gas - come as spring brings warmer temperatures, when demand and prices typically fall. PetroChina is also under pressure to recoup continuing losses from its gas import business due to high input costs versus government-capped domestic prices, sources with knowledge of the matter said.
Based on Thursday’s price action and the close at 7311.00, the direction of the next move is likely to be determined by trader reaction to the short-term Fibonacci level at 7314.75.
Look for the downside pressure to continue as long as the June E-mini Dow Jones Industrial Average remains under 25585. Look for the selling to pick-up steam if 25215 fails. Look for an acceleration to the downside if 24900 is taken out.
Based on the late session price action, the direction into the close is likely to be determined by trader reaction to the main Fibonacci level at 2816.00. The first leg of this break was 2961.25 to 2799.75 or 161.50 points. If 2894 is the new secondary lower top then a 161.50 break will take the index to 2732.50 by next Wednesday, May 29.
The US dollar pulled back against the Japanese yen during the trading session on Thursday, as we continue to see a lot of noise in the trading markets overall, based upon risk appetite crumbling at times.
The Australian dollar fell a bit during the trading session on Thursday, as we continue to see a lot of noise. Keep in mind that the Australian dollar is highly levered to the US/China trade situation, which isn’t going very well.
Royal Dutch Shell has started producing oil and gas at its Appomattox deep water platform in the Gulf of Mexico, one of the largest projects launched in the basin in recent years. The Anglo-Dutch company said the floating production system will produce around 175,000 barrels of oil and gas equivalent per day (boed). Appomattox, which is located in U.S. waters, was completed ahead of its expected startup in the third quarter of 2019 and at around 40% below its initial planned cost in 2015, Shell said.
We may see periodic short-covering spikes to the upside by gold, but we’re not likely to see a prolonged rally unless the U.S. economy starts to weaken, and the Fed starts to take about a rate cut later in the year.
The fundamental pressures are not likely to go away today so they should continue to exert pressure throughout the session. Trader reaction to the 200-day moving average will likely determine if the price plunge continues or if there is an intraday reversal to the upside.
How Did Energy Commodities Impact Energy Stocks?(Continued from Prior Part)Natural gas–weighted stocksThe natural gas–weighted stocks on our list had negative correlations with natural gas June futures on May 15–22. The natural gas–weighted
Overnight fall in the Crude prices helped the pair reach new heights. The pair gained further traction underpinned the strong Green money. USD/CAD pair stay positioned above the Green Ichimuko Clouds.
The Australian dollar can’t find a way out of the darkness. The AUD has been falling since January 2019 and it seems that the situation only worsens
SINGAPORE (Reuters) - Torrent Power and Gujarat State Petroleum Corp (GSPC) are seeking liquefied natural gas (LNG) cargoes for delivery in July, three industry sources said on Thursday. Torrent Power ...
Based on the early price action, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the minor bottom at .6864.
Based on the early trade, the direction of the NZD/USD the rest of the session will be determined by trader reaction to the long-term downtrending Gann angle at .6489. The main trend is down according to the daily swing chart. The nearest downside targets are the October 16, 2018 main bottom at .6465 and the October 8, 2018 main bottom at .6424.
Current market volatility may seem low when taking into account the numerous supply outages and the trade war between the U.S. and China, but oil markets could be about to get a lot rockier in the second half of 2019
Aramco’s trading unit started doing deals earlier this month at its new office in the United Arab Emirates port of Fujairah, according to people with knowledge of the situation. It hired five people, including Avyay Saxena who formerly worked at BP Plc and Trafigura Group and Max Moran who worked at the trading unit of Mexico’s Pemex, they said. Aramco Trading’s expansion plans would propel it into the top tier of global fuel-trading companies.
Chinese oil traders and refiners no longer want to sign long-term supply agreements with U.S. producers, said the chief executive of Enterprise Products Partners
In liquefied gas sectors, propane transport to Asia is looking increasingly vibrant after a multi-year malaise, while natural gas transport appears to be coming out of its recent doldrums, with hopes for a major revival. The big question in the container-shipping industry is whether U.S. President Donald Trump's threat to impose tariffs on an additional $300 billion of Chinese exports will lead to accelerated import activity, and thus an increase in the per-box freight rate in the near-term – or, alternatively, a downturn in both volumes and rates. In 2018, U.S. imports surged as companies raced to beat the tariff increase on the initial $200 billion slate of Chinese products.
Two tractor-trailers powered by hydrogen electric fuel cells will hit the highways of Alberta in a pilot program to test the viability of doing heavy-hauls over long distances in the western Canadian province. Freightliner trucks outfitted with three 70 kilowatt Ballard Power Systems fuel cells will be able to travel up to 430 miles between battery recharges. "This initiative is primarily about moving freight on Alberta's highways with zero emissions, but it is also about the future of the Alberta economy.
Natural gas prices at the Waha hub in West Texas are negative again this week, for the first time since plunging to an all-time low of minus $4.28 per million British thermal units (MMBtu) in early April
The Zacks Analyst Blog Highlights: Equinor, Schlumberger, Royal Dutch Shell, Cheniere Energy and Exxon Mobil
Natural Gas: Dullest May Month since 2014(Continued from Prior Part)Inventories spreadIn the week ending May 10, the inventories spread was -14.7%. During this period, the inventories spread contracted by ~1.7 percentage points compared to the