|Day's Range||2.5420 - 2.6040|
Twelve years ago, a similar group (featuring some of the same players) formed the U.S. Climate Action Partnership, a large corporate push for legislation to cap carbon dioxide emissions. The economic basis for the climate story in 2007 is a completely different story to today.
In the Pacific, the BP-operated Tangguh LNG project in Indonesia offered three cargoes for loading in August and September, while state-owned Pertamina offered two cargoes for loading from the Bontang plant in June and July. In the Middle East, offers came from Oman where two spot cargoes were made available for loading from the end of June to the end of August. In the Atlantic, Egypt's natural gas company (EGAS) awarded its sell tender for 13 cargoes loading in June and July.
Independent oil and gas stocks rewarded investors handsomely in the first quarter of 2019 as the Organization of Petroleum Exporting Countries (OPEC) kept supply tight and fears of a global economic slowdown eased on the back of optimism that a trade deal breakthrough between the United States and China was on the horizon. If the latest iteration of tariff slapping between the world's two largest economic superpowers wasn't enough to pressure oil prices, U.S. government data released Wednesday that revealed a surprise surge in crude inventories was. West Texas Intermediate crude for July delivery (F*CL.NYM) plunged 5.7% yesterday – its steepest single-day decline this year – sending the share prices of oil and gas producing companies into freefall amid its sell-off.
Based on the early price action, the direction of the EUR/USD on Friday is likely to be determined by trader reaction to the price cluster at 1.1185.
These Drivers Could Support Natural Gas Prices Next WeekNatural gas’s rise limited energy stocks’ downsideOn May 23, natural gas June futures rose 1.4% to $2.578 per MMBtu (million British thermal units). Inventory data, a fall in natural gas
These Drivers Could Support Natural Gas Prices Next Week(Continued from Prior Part)Natural gas’s implied volatilityOn May 23, natural gas’s implied volatility was 24.7%, ~9.3% higher than its 15-day moving average. Its implied volatility has
Based on the early price action, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the pivot at .6900.
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.
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.
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.
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.