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On June 8–15, the ETFs that track US crude oil futures had the following performances: The United States Oil ETF (USO) fell 1.7%. The United States 12 Month Oil ETF (USL) fell 2.3%. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 3.9%.
On June 8–15, US crude oil July futures fell 1%. On June 15, US crude oil July futures settled at $65.06 per barrel. Last week, the US dollar rose 1.3%—a negative development for oil prices. The PowerShares DB US Dollar Bullish ETF (UUP), which tracks the US dollar, rose 1.3% last week.
The gold prices broke down significantly during the Friday’s session breaking through the major uptrend line that extends from late 2016. The market is expected to continue volatile as people are concerned about the potential trade wars. The silver prices broke off significantly during the Friday’s session reaching $16.50 level on the back of intensifying trade wars and US dollar gained some strength as money flowed into the treasury market after the announcement of new tariffs.
It comes down to the duration of the current high temperature forecast. The market is likely to handle 2 to 3 days of above average temperatures, but if the weather experts start to use terms like “lingering” or “high pressure dome” then we could see a huge breakout to the upside over $3.041.
Based on Friday’s close at $1278.50 and the early price action, the direction of the August Comex Gold futures contract the rest of the session is likely to be determined by trader reaction to a downtrending Gann angle at $1282.40 and an uptrending Gann angle at $1283.90.
After spending a decade and billions of dollars developing Australia's vast gas reserves, U.S. energy giant Chevron Corp and local firm Woodside Petroleum are at odds over the pace and timing of the next leg of expansion. Shipments of liquefied natural gas (LNG) have become one of Australia's biggest exports and a key source of revenue for many energy majors, so any hurdles in the sector's development could strike a substantial blow.
It looks as if we could see a short-term spike into $3.040 before we expect to see hedgers take control.The charts indicate there is plenty of room to the upside over $3.041. We’ll find out this week if the buying is strong enough to sustain a move over this price level.
Based on Friday’s close at .7443, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the former bottom at .7448.
Gold markets initially tried to rally during the week, breaking above the $1300 level. However, we ended up turning around and breaking down through a major uptrend line. This is a very negative turn of events, and we are closing towards the bottom of the range for the week, which is also a very negative turn of events.
The EUR/GBP pair went back and forth during the trading sessions that make up the week, as we continue to find the 0.88 level above resistive enough to keep this market down. However, I think that the sideways action of this market keeps a lot of longer-term traders on the sidelines.
On May 31, the U.S. Energy Information Administration released its monthly US natural gas export data. It reported that US natural gas exports had increased 4% to 9.6 Bcf (billion cubic feet) per day in March compared to the previous month.
Natural gas prices surged higher on Friday, rising nearly 2% mid-day as a warmer than expected weather is expected to cover most of the United States for the next 8-14 days according to the most recent forecast from NOAA. Average week over week supply is flat and demand fell slightly allowing inventories to rise slightly more than expected. Prices pushed through resistance near a Fibonacci retracement at 2.94, and is now poised to test the 50% retracement level at 3.09. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. ...
Gold prices tumbled through trend line support, a day after the dollar surged versus the Euro following the ECB meeting. Eurozone inflation was confirmed below 2%, which coincides with the ECB’s dovish bent.
A plan requested by U.S. President Donald Trump to prevent struggling nuclear and coal power plants from shutting is still being "fleshed out" by the U.S. Department of Energy (DOE) and the White House, Energy Secretary Rick Perry said on Friday. Trump on June 1 directed Perry to take emergency steps to keep nuclear and coal plants running, in what would amount to an unprecedented intervention in U.S. power markets that has drawn backlash from environmentalists as well as oil, gas and renewable energy companies. "This is not just singularly an economic issue," Perry told reporters at the G20 Energy Ministers' meeting in Bariloche, Argentina, citing risks of cyberattacks by "nefarious actors" or "terrorist groups" on the civilian electric grid, which also provides U.S. military bases with nearly all their power.
A natural gas pipeline operated by Southern Star Central Gas Pipeline Inc caught fire in a rural area of Kansas, the company said on Friday, adding that no injuries were reported. The impact of the fire, which occurred at 7:30 a.m. CDT (1230 GMT) in Harvey County, is currently being assessed, said Nathan Isbell, a Southern Star official. Southern Star Central Gas Pipeline includes a natural gas transmission system that is about 6,000 miles long and runs through the Midwest and mid-continent regions of the United States, according to the company's website.
Asian spot liquefied natural gas (LNG) prices hit summer highs not seen since oil and gas prices plunged in 2014, as Mexico and Egypt vied with North Asian consumers for supply constrained by global production outages. Spot prices for July (LNG-AS) delivery in Asia jumped to $11.60 per million British thermal units (mmBtu) this week, up $1.80 per mmBtu versus last week. Sharp price gains forced portfolio players and end-users in Asia to urgently fill short positions, with some potentially paying well in excess of $11.60 per mmBtu, though this could not be confirmed.
Based on the early trade on Friday, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the minor bottom at 25093.
Due to the steep sell-off on Thursday and the subsequent follow-through selling on Friday, we’re going to watch yesterday’s close at 1.1565 for direction today.
We continue to expect a rangebound trade with the current supply deficit enough to provide support, but the weather still not hot enough to sustain a rally.
Natural gas markets were very noisy during trading again on Thursday, as we continue to slam up against the $2.96 level. That’s an area that has caused a lot of resistance as of late, but we are starting to see “higher lows” on the hourly chart. It is because of this that I think we may have some room to move.
The New Zealand dollar rallied a bit during the day on Thursday, even though we are very tight, and it shows so much in the way of noise. However, it looks as if we are trying to overcome a major resistance barrier above, and once we do, this could be one of the better currencies to be involved with.
The British pound initially tried to rally during the day on Thursday but pulled back a little bit to test the ¥147.25 level. That is the short term support level that has been effective over the last several days, as we try to build up enough momentum to break out to the upside and continue to go higher.
SEOUL, June 15 (Reuters) - South Korea's imports of liquefied natural gas rose 12.1 percent to nearly 2.8 million tonnes in May from a year earlier, customs data showed on Friday. Details are as follows: ...