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Investing.com - Crude oil prices were mixed on Friday, hovering close to more than two-week highs as traders were digesting the previous session's positive U.S. supply data.
Regional leaders launched construction work on the Afghan section of an $8 billion natural gas pipeline that will link the energy-rich Central Asian nation of Turkmenistan through Afghanistan to Pakistan and India. Ex-Soviet Turkmenistan holds the world's fourth-largest natural gas reserves but has been heavily dependent on gas exports to China after Russia cut back gas imports in the past few years.
The Ethereum tried to rally during the trading session on Thursday, but then turned around to fail significantly. The market looks as if it is trying to roll over, perhaps reaching down to the $700 handle which is also the 61.8% Fibonacci retracement level.
Silver markets initially went sideways during the trading session on Thursday, then exploded to the upside, reaching towards the $16.60 level.
China's imports of liquefied natural gas (LNG) hit record levels in January, as the world's most populous nation rushed to shore up supplies ahead of another cold snap and this month's Lunar New Year celebrations, while fuel exports also jumped. LNG imports totalled 5.18 million tonnes, compared with the previous record of 5.03 million tonnes set in December and up 51.2 percent from January, 2017, according to data on Friday from China's General Administration of Customs. Meanwhile, China's January gasoline exports soared by two thirds to 1 million tonnes from a year earlier and were just shy of December's all-time high of 1.23 million tonnes.
It is widely accepted that Natural Gas is a much cleaner fuel than coal or oil, but there is still plenty of room for improvement for this key energy source
Natural gas prices rebounded but were unable to break through Wednesday’s highs despite colder than normal weather which continues to spread across most of the western portion of the United States. The EIA released their inventory figures which showed a larger than expected draw but stocks remain within their 5-year average range. A stronger than expected Markit manufacturing PMI also lifted natural gas prices. Prices pushed through resistance now support near the 10-day moving average at 2.608. Resistance is seen near the first Fibonacci retracement level of the move from the highs in January at 3.65 to the lows in February at 2.52, near 2.95. Momentum is turning as the MACD is poised to generate a crossover buy signal.
Investing.com - Natural gas futures were lower on Thursday, maintaining losses despite data showing that domestic supplies in storage fell more than forecast last week.
U.S. natural gas producer Chesapeake Energy Corp on Thursday posted a fourth-quarter profit, compared with a loss a year ago, due to higher oil and natgas production and prices. The Oklahoma-based company said net income available to shareholders was $309 million, or 33 cents per share, in the quarter to Dec. 31, compared with a loss of $740 million, or 83 cents per share, a year earlier. Chesapeake's production averaged 593,200 barrels of oil equivalent per day (boepd) in the quarter, similar to its estimate earlier this month and up about 3.3 percent from a year ago.
The U.S Dollar grew stronger in forex as the Federal Reserve’s Meeting Minutes publication was digested by investors late on Wednesday.
Bitcoin is on the rise and the major cryptocurrencies have joined in recovery mode following Tuesday’s slide, though we’ve seen the cryptos fall back from intraday highs suggesting that it could be a choppy day ahead.
Based on Thursday’s early trade, the direction of the dollar index the rest of the session is likely to be determined by trader reaction to the 50% level at 90.255.
Natural gas prices rebounded hitting an 8-day high as colder than normal weather continues to spread across most of the western portion of the United States. Traders now await inventory data from the EIA which is scheduled for Thursday. A stronger than expected Markit manufacturing PMI also lifted natural gas prices. Prices pushed through resistance now support near the 10-day moving average at 2.606. Resistance is seen near former support at 2.74. Momentum is turning as the MACD is poised to generate a crossover buy signal.
Energy biggies Occidental Petroleum (OXY), The Williams Companies (WMB) and Marathon Oil (MRO) came up with strong earnings reports.
Stop me if you’ve heard this one before: A mining industry is trapped in a state of slow economic decline and looks to the Trump administration to reverse its fortunes. That could be the lead-in to a story about coal — an industry the administration has made a point of promoting. But it’s also similar […]