|Day's Range||2.55 - 2.55|
The global gas industry, boosted by a host of new projects to feed booming demand, is in better shape than at any point in the last five years but analysts warn it is getting ahead of itself, pointing to the rise of renewable energy as a threat. Commodity merchant Vitol expects trade in liquefied natural gas (LNG) to double to 600 million tonnes annually (mtpa) in the coming years, reflecting forecasts by Russian LNG producer Novatek which sees 700 mtpa by 2030. "The industry is confident," said Christian Brown, president for the oil and gas sector at Canadian-listed SNC Lavalin , an industrial project management company.
U.S. sanctions on Iran are now looming over oil markets, but uncertainty remains over just how much of an impact they will have on global oil supply
On September 18, the natural gas futures for October closed at a premium of ~$0.28 to their October 2019 futures. On September 11, the futures spread was at a premium of $0.19. On September 11–18, natural gas October futures rose 3.7%.
Natural gas prices moved lower on Wednesday, forming a bull flag pattern that is a pause that refreshes higher. Since the US exports natural gas to China a large tariff would potentially make it uncompetitive. Natural gas prices moved lower on Wednesday forming a bull flag pattern. Support is seen near the 50-day moving average at 2.84.
The natural gas rig count stood at 186 last week—unchanged from the previous week. However, the natural gas rig count has fallen ~88.5% from its record level of 1,606 in 2008.
Germany has been a long time advocate of the Nord Stream 2 pipeline, but now it appears to be rethinking its strategy, extending an olive branch to the U.S. in the form of a new gas terminal
According to new research from the Energy Information Administration, global energy companies have managed to cut debt for seven quarters consecutively
Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session will be determined by trader reaction to the steep uptrending Gann angle at 26442.
North Dakota's daily crude production in July broke the previous all-time high set in May, while natural gas output and producing wells also hit records.
'A Gesture to Our American Friends.' Germany's Plans for a Natural Gas Terminal Could Help the U.S. With Russia
West Texas Crude oil futures for November fell 0.01% to $69.58 a barrel as of 5:09 AM ET (9:09 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., decreased 0.18% to $78.89 but still remained near four-year highs.
The gold prices rallied initially during the day on Tuesday but fell through because of the volatility in the currency as well as equity markets. The silver market was extremely noisy during the Tuesday’s session and was the market for both buyers and sellers. Due to retaliatory tariffs by China, the whole commodity space is likely to be under pressure for quite some time.
The direction of the gold market today is likely to be largely determined by the direction of the U.S. Dollar. If long dollar hedgers continue to reduce positions then gold is likely to remain underpinned throughout the session. Gains are likely to be limited by rising Treasury yields and technical resistance areas.
Based on the current price at .7246, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at .7257.
Silver markets continue to be very choppy, as we initially rallied during the day on Tuesday but then turned around to fall again. As I record this, it looks like we are trying to rally yet again.
The British pound rallied significantly during the day on Tuesday, reaching towards a major downtrend line. It looks as if we are going to test the size, but don’t be surprised if we get some type of short-term pullback as there are a lot of moving pieces around the world that will continue to affect risk appetite.
The Australian dollar had a very strong session to kick off Tuesday but did run into a bit of noise above. The markets are weighing whether or not the Chinese tariffs will amount to much, and whether the trade war continues to escalate.
Based on Tuesday’s close at $1202.90, the direction of the December Comex Gold futures contract early Wednesday is likely to be determined by trader reaction to the 50% level at $1205.90.
Natural gas prices surged higher on Tuesday as traders generated a relief rally which was predicated on the less than expected tariff on US imports that expected. While volumes of current contracted gas would not have been effected, new plants would likely been for less volume making LNG plants built in the future less attractive. There are no storms in the Atlantic or Caribbean that would alter the production of natural gas in the Gulf of Mexico, which has reduced volatility. Natural gas prices surged higher rising nearly 4% on Tuesday.
Based on the early price action and the current price at .7219, the direction of the AUD/USD into the close is likely to be determined by trader reaction to the 50% level at .7224.
Diamondback Energy (FANG) teamed up with private equity firm The Carlyle Group for the development of its assets in the region, while HollyFrontier (HFC) announced a $1 billion share buyback plan.
Given current record production, short-term weather concerns should be enough to overcome a minor resistance range at $2.800 to $2.812. However, we’re going to need to see a big jump in demand in order to overcome the main top at $2.859. The main trend on the daily chart will change to up on this move, however, right above it is a major retracement zone at $2.859 to $2.881.
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