|Day's Range||3.00 - 3.00|
Oil prices continued lower in volatile action on Tuesday as traders remained concerned about a potential rise in output and an uncertain economic and political backdrop.
Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years.
On July 16–20, the events listed in the following table could impact oil and natural gas prices. The EIA (U.S. Energy Information Administration) is expected to release its monthly drilling productivity report on July 16. The report could influence oil and natural gas prices for the next few weeks.
On July 6–13, US crude oil August futures fell 3.8%. However, US crude oil prices gained 1% and closed at $71.01 per barrel on July 13. US crude oil active futures remained above the 20-day moving average. US crude oil active futures were 1% above the crucial short-term charting level on the same date.
The US LNG futures contract recently announced by CME Group is expected to benefit Cheniere Energy (LNG) and other US LNG exporters. It will likely lead to better risk management and improved price discovery.
Investors were spooked by forecasts of cooler-than-normal weather that could lead to decrease in natural gas demand for air-conditioning.
The gold market continued to remain noisy in the Friday’s session drifting down towards the $1237 level before bouncing a bit. In an alternate scenario, the market needs to break above the $1250 level, to reverse the downtrend. The market has experienced this support level for the couple of times in the last few sessions and if it breaks from here, then the next major support will be at $15.50 level.
About 200 protesters gathered at the main entrance to Iraq's Siba natural gas field on Monday, police sources say.
Other than a periodic short-covering rally due to profit-taking and position-squaring, we’re likely to see a test of the May bottom at $2.711 or lower. This week, investors are going to continue to focus on rising production and the weather.
This week, two of the biggest economies in Europe set new records for clean energy. The UK’s electrical grid has not burned any coal for about 1,000 hours so far this year. Though it’s just a symbolic achievement, the pace at which the UK is reaching such figures shows the pace of the energy transition.…
The Australian dollar has fallen rather hard during the opening hours of the Friday session, but I also have seen a lot of support near the 0.7350 region. This is an area that has seen a lot of demand as of late, so it will be interesting to see whether we can break down below it.
Higher oil and gasoline prices just don’t hurt the U.S. economy like they used to anymore. Here’s why.
President Trump's standoff against NATO's cost burden this week, particularly towards Germany, signaled the markets of his stance against Russia by emphasizing Europe's dependency on Russian's natural gas. Germany has a strong dependence on Russian gas, preventing Europe from having a consensus position against Russia's prior invasion of Crimea and the intervention of the European Union to support Ukraine.
Piedmont Natural Gas plans to spend about $250 million to build a liquefied natural gas-storage facility in Robeson County, capable of holding one billion cubic feet of natural gas.
French oil and gas major Total (TOTF.PA) said on Friday that it has completed a $1.5 billion (1.14 billion pounds) deal to acquire Engie's (ENGIE) upstream Liquefied Natural Gas (LNG) business to become the second-largest player in the global LNG market. Under the deal, Total said it would make additional payments of up to $550 million to Engie if there was an improvement in the oil markets in the coming year. Total Chief Executive Patrick Pouyanne said in a statement that the deal will give the company a worldwide market share of 10 percent.
The Thursday the CFD markets saw the S&P 500 futures rally into the US trading session, reaching towards the 2790 level. However, there is a lot of supply just above, in the form of the 2800 level. That resistance being broken to the upside would be a big sign of bullish pressure though.
Crude oil markets were absolutely pummeled on Wednesday, but Thursday has been a fairly quiet affair. That’s good, because quite frankly the selloff had been so brutal that the markets need to take a bit of a breather.
Natural gas prices eased lower on Thursday despite a smaller than expected build in natural gas inventories. The EIA reported that working gas in storage was 2,203 Bcf as of Friday, July 6, 2018. This represents a net increase of 51 Bcf from the previous week.
Exxon Mobil will expand its Rovuma liquefied natural gas (LNG) project in Mozambique by half to cut production costs as the partners prepare to book the plant's supply and formally tap lenders in September, the company told Reuters. The U.S. oil giant took charge of the East African LNG project's onshore operations following a $2.8 billion deal with Italy's Eni last year, adding to its slate of planned gas projects in Qatar, Papua New Guinea, Russia and the United States. It now aims to build the world's biggest liquefaction units, or trains, outside Qatar, in Mozambique's remote north, shelving former operator Eni's more modest blueprint in pursuit of cost savings to boost returns on investment.
On July 11, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA reported that US crude oil inventories decreased by 12.6 MMbbls (million barrels) to 405.3 MMbbls on June 29–July 6—the largest weekly decline since September 2, 2016. The inventories are also near the lowest level since February 20, 2015. The inventories dropped by 90 MMbbls or 18.2% year-over-year. A Reuters survey estimated that US crude oil inventories could have declined by 4.5 MMbbls on June 29—July 6.
On July 10, natural gas August futures closed at a premium of ~$0.11 to August 2019 futures. On July 3, the futures spread was at a premium of ~$0.17. On July 3–10, natural gas August futures fell 2.9%.
MOSCOW (AP) — The Kremlin says a new prospective natural gas pipeline to Germany will help increase regional stability and strengthen ties between Russia and the West.