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The S&P 500 has been a bit flat during the week, as we continue to dance around the 2800 level. This is an area that will have a lot of psychological importance attached to it, but I think at this point the overall attitude is one of persistence, so that may win out in the end.
Silver markets fell during the week, breaking below the $15.00 level, an area that is massive support. Longer-term buyers have come back into the marketplace, and we could not break down below the $15 handle, which I see as the bottom of the “zone.”
The US dollar rallied quite a bit during the week, reaching towards the ¥113 level before rolling over. The market found a significant amount of supply in that area, as was seen at the beginning of the year. I believe that the market needed to pull back anyway, it had gotten ahead of itself.
U.S. energy companies this week cut oil rigs by the most in a week since March as the rate of growth has slowed over the past month or so with recent declines in crude prices. U.S. crude prices are on track to fall for a third week in a row this week as escalating U.S.-China trade tensions threatened to hurt oil demand. Drillers cut 5 oil rigs in the week to July 20, bringing the total count down to 858, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
Spot prices for September delivery in Asia were assessed at $9.50 per million British thermal units (Btu), down 50 cents from the previous week. Traders Vitol, Trafigura and Diamond Gas International offered five cargoes in total via the Platts Market on Close process but there were no takers even as offers on some of the cargoes slipped to around $9.05 per mmBtu, traders said. In the world's three-biggest LNG importers Japan, China and South Korea demand weakened or was set to drop later in the year.
The ExxonMobil-operated Papua New Guinea gas project has agreed a deal to supply liquified natural gas (LNG) to PetroChina Co Ltd, Australia's Oil Search Ltd, a partner in the project, said on Friday. The three-year deal is for the supply of about 0.45 million tonnes of LNG a year to PetroChina International (Hong Kong) Corp Ltd (PCI), Oil Search said in a statement.
Investing.com – Gold prices moved off lows Thursday as the dollar came under pressure after President Donald Trump said he was "not happy" about U.S. interest rate hikes, while renewed trade-war tensions pressured other metal prices.
Natural gas prices surged 1.7%, rallying from support levels, following a smaller than expected build in natural gas inventories reported on Thursday by the U.S. Department of Energy. The lower than expected build has flattened the trajectory of builds leaving stocks well below the average of the 5-year range. Prices have been trading on the defensive as cooler than normal weather is spreading east to west which should reduce cooling demand for natural gas during the heart of the summer season. Prices nearly hit support near an upward sloping trend line that comes in near 2.67. ...
Southern California Gas Co on Thursday issued a natural gas curtailment watch for Southern California, with power generators expected to burn more fuel than usual to keep air conditioners humming amid an impending heat wave. SoCalGas, a unit of California energy company Sempra Energy , said the curtailment watch would remain in effect until further notice.
Based on the early trade, the direction of the September E-mini NASDAQ-100 Index futures contract is likely to be determined by trader reaction to the uptrending Gann angle at 7404.00. The main trend is up according to the daily swing chart. However, momentum shifted to the downside with the formation of the closing price reversal top and the subsequent confirmation.
The trading arm of Japan's JERA, the world's biggest buyer of liquefied natural gas (LNG), has hired Sarah Behbehani, the former head of short-term LNG trading at Royal Dutch Shell, two LNG industry sources said. Behbehani will lead the LNG team at JERA Trading (JERAT), which was formed when JERA bought the trading business of France's EDF, as JERA pushes to break down restrictions on trading cargoes secured under long-term deals.
The world spends about 15% of its energy on heat. Most of that comes from burning fossil fuels in homes and businesses. Cutting emissions from space heating remains one of the biggest challenges if we are to reach zero emissions and avoid catastrophic climate change. A humble solution to the problem is the heat pump,…
Previously in this series, we saw that crude tanker stocks fell in Week 28 (ended July 13), along with VLCC (very large crude carrier) and Suezmax rates. In this part, we’ll see how bunker fuel prices fared last week.
The current sell-off suggests that traders aren’t too concerned about the hot weather and have been lulled into reacting to the record production. This even suggests that once the summer cooling season ends, high levels of production could quickly fill in the current supply gap. On the flip side of this argument, another lingering, heat dome in late July or early August could turn prices around fairly quickly especially if it encourages short-sellers to aggressively cover positions.
The USD/CAD is supported at 61.8 and 78.6 fib retracement of the last swing. 1.3166-84 is the first POC zone, where the bounce is possible, while the POC2 is 1.3125-1.3140. Both zones could be valid for longs providing that W L3 holds – 1.3110. Targets are 1.3220 and 1.3264. Continuation is only possible above 1.3265 towards 1.3307.
Natural gas markets did rally a bit by the time I recorded this on Wednesday, but at this point it looks as if we are in a nice downtrend in channel, and I think it’s only a matter time before the sellers come back in and start pushing lower.
Gold markets drifted a bit lower during the trading session again on Wednesday as we continue to trying to find a bit of a bottom. While the $1225 level is important, the reality is that I think there is much more support below at the $1200 level.
The US dollar initially tried to rally during the day again on Wednesday but has found the ¥113 level to be a bit too expensive. That being the case, the pullback started as soon as the Americans came on board, and quite frankly I think in the end this will be a healthy sign, as we had gotten ahead of ourselves.
The European Union has fined Google a record $5 billion for forcing cellphone makers that use the company's Android mobile operating system to install Google apps. Wednesday's ruling caps three years of investigation and means Google will have to change its ways. WASHINGTON (AP) -- Having started a trade war with China and enraged U.S. allies with steel tariffs, President Donald Trump is primed for his next fight.
On July 17, natural gas August futures fell 0.7% and settled at $2.74 per MMBtu (million British thermal units), their lowest closing price in more than two months. Meanwhile, Cabot Oil & Gas (COG), Gulfport Energy (GPOR), and Chesapeake Energy (CHK) fell 0.2%, 0.7%, and 2.7%, respectively, underperforming other natural gas–weighted stocks.
In case the quote fails to cross the 1.3265 immediate barrier, it can revisit the 1.3220-15 zone, breaking which 1.3160 and an upward slanting TL, at 1.3125, may confine the pair’s following declines. While USDCAD has another resistance to break after clearing an intermediate hurdle, the GBPCAD’s recent break of ascending trend-line can’t be termed as a sign of its plunge unless closing below the 1.7160 TL-mark on a daily basis.
The new offshore export terminal is expected to “load crude oil faster and more cost efficiently without the need for lightering vessels," thanks to its planned capabilities of loading Very Large Crude Carriers.
The gold market has broken down significantly during the yesterday’s session, slicing through the $1230 level. The market has a significant support at the $1225 level and if it breaks this level, then the gold prices are likely to break down towards the $1200 level. The silver prices broke down significantly during the yesterday’s session reaching down to the $15.50 level.
Oil prices look to me like they're poised for a continuous increase on the back of growing geopolitical risk. President Donald Trump has reiterated his stand on Iranian denuclearization, anti-Iranian U.S. economic sanctions and implied protection of Israel. On the other side of the power balance, Russian leader Vladimir Putin continues to support the Syrian government, thus implicitly siding with Syrian patron Iran.
ConocoPhillips (COP), Anadarko Petroleum (APC) and Occidental Petroleum (OXY) announced initiatives to return capital to shareholders.