|Day's Range||1.8580 - 1.9380|
The discovery of a massive gas field on the border of Dubai and Abu Dhabi could become a significant game-changer as the country’s relations with neighboring Qatar have cooled in recent years
Even if reports start to show the virus outbreak receding, global growth is still set to fall to zero in the first quarter. A near-term hit to the Australian and New Zealand economies looks unavoidable.
Even if the outbreak begins to recede, the damage is done, which means crude oil demand growth will take a near-term hit before bouncing back over the remainder of the year.
Voters in German city-state Hamburg punished Chancellor Angela Merkel's crisis-racked conservatives in a regional election Sunday, while the incumbent centre-left held off a challenge from the Greens according to exit polls. It was a "bitter day" for Merkel's Christian Democratic Union (CDU), party general secretary Paul Ziemiak said. Turmoil in the federal party, as Merkel's designated successor stepped down following a scandal over cooperation in an eastern region with the far right, had been "anything but a tailwind" in Hamburg, Ziemiak said.
The price action suggests AUD/USD and NZD/USD traders were heavily over-weighted to the downside and needed to rebalance after U.S. Treasury yields plunged following the release of the weaker-than-expected U.S. Manufacturing and Services PMI reports.
(Bloomberg) -- Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency.Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission for Hydrocarbons on Thursday during which the development plans were reviewed, the agency reported late Friday. The field is estimated to hold 200 trillion cubic feet of wet gas (about 5.7 trillion cubic meters) and its phased development is expected to begin production in 2024, gradually increasing output to 2.2 trillion cubic feet by 2036, it added.Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said in a separate statement on Saturday that the development of the Jafurah field is meant to support the state-run company’s “diverse resources and the kingdom’s economic development.”Jafurah will be able to produce about 130,000 barrels a day of ethane, representing about 40% of the kingdom’s current production and about 500,000 barrels a day of gas liquids and condensates, representing about 34% of the country’s output.Development of the field over 22 years would provide the government a net income of about 32 billion riyals annually and contribute 75 billion riyals annually to the kingdom’s gross domestic product, the agency said.Aramco, as the state-run company is known, is expanding its search for gas as a potential export to help reduce the nation’s reliance on sales of crude. Saudi Arabia also wants to use gas at home as fuel in power stations and as feedstock for the production of petrochemicals, a high-priority industry for the government in its strategy to diversify the economy.Jafurah is located between Ghawar, the world’s largest oil field, and the Gulf, near the hub of the Saudi energy industry.(Updates with production startup details, Aramco CEO comment from second paragraph.)To contact the reporter on this story: Donna Abu-Nasr in Riyadh at email@example.comTo contact the editors responsible for this story: Nayla Razzouk at firstname.lastname@example.org, Helen Robertson, Ros KrasnyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Oil prices fell on Friday as OPEC+ decided not to move its March meeting forward while Russia indicated that it currently has no intentions to cut production further
Based on the early price action and the current price at $53.42, the direction of the April WTI crude oil market into the close on Friday is likely to be determined by trader reaction to the uptrending Gann angle at $53.63.
Natural gas markets had initially rally during the week but ran into a significant amount of resistance at the $2.00 level. At this point, it’s very likely that the market is going to continue to be very noisy.
The gold markets broke out during the week, clearing the $1600 level in a very bullish run. At this point, the market looks as if it is ready to go much higher given enough time.
The US dollar broke out to the upside during the trading week, finally clearing the ¥110 level. At this point, the market is likely to see more bullish pressure, but Friday was a bit soft.
Dinges commented about the natural gas market during Cabot's conference call with analysts discussing the natural gas company's results.
Based on the early price action, the direction of the March E-mini S&P; 500 Index the rest of the session on Friday is likely to be determined by trader reaction to the short-term Fibonacci level at 3339.50.
The Australian dollar has rallied after initially falling during the day on Friday, as traders are starting to do a bit of short cover trading going into the weekend.
Based on the early price action and the current price at 1.0807, the direction of the EUR/USD the rest of the session on Friday is likely to be determined by trader reaction to the downtrending Gann angle at 1.0795.
Asian spot prices for liquefied natural gas (LNG) rose this week after five weeks of declines, as lower prices sparked cargo purchasing interest from various buyers. The average LNG price for April delivery into northeast Asia was on Friday estimated at around $3.00 per million British thermal units (mmBtu), some $0.30 per mmBtu higher than the front-month price last week, which was assessed for March. "Many players are trying to buy due to low price levels, there are lots of tenders and bids," an LNG trader said.
The direction of the April natural gas futures market on Friday is likely to be determined by trader reaction to the 50% level at $1.928 and the Fibonacci level at $1.878.
It was a Risk-off Thursday, with the S&P500; down 0.5% heading into the close and Europe’s Stoxx600 closed 0.9% lower. US 10y yields slipped 5bps to 1.52%, levels not seen since early February.
Gasoline prices in the United States have increased over the past week as a rise in crude oil prices combined with a fire and shutdowns at several major refineries