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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.
Gold prices tumbled on Tuesday, as commentary from Fed Chair Powell, allowed the greenback to gain traction. Gold prices drop sharply on Tuesday slicing through former support which were the July and December lows at 1,236, and headed toward target support near the July 2017 lows at 1,204. Resistance on the yellow metal is seen near former support at 1,236 and then the 10-day moving average at 1,247. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
Hedge funds’ net bullish positions in US crude oil futures and options decreased 0.1% to 433,938 on July 3–10. However, the positions are near the highest level since April 17. The positions increased by 255,284 contracts or 143% YoY (year-over-year). Hedge funds’ net bullish positions in US crude oil futures and options suggests that they remain bullish towards oil prices.
Europe’s reliance on Russian gas wasn’t front-page news until Donald Trump lashed out at Germany at the NATO summit last week. Calling it a “captive of Russia,” because of how much gas it imports, he heavily criticized the construction of a new gas pipeline connecting Russia and Germany. The real reason why Trump is so…
Baker Hughes, a GE Company (BHGE), published its weekly US natural gas rig count report on July 13. Baker Hughes reported that US natural gas rigs rose by two to 189 on July 6–13—the highest level since June 15. The rigs have also increased by two or ~1.1% year-over-year.
Hedge funds reduced their net bullish positions in US natural gas futures and options by 31% to 85,186 on July 3–10. The net-long positions also decreased ~3% YoY (year-over-year). The reduction suggests that hedge funds are turning less bullish or bearish on natural gas prices. The U.S. Commodity Futures Trading Commission released the latest positions data on July 13.
WTI crude oil prices hit $74.15 per barrel on June 29—the highest level since November 2014. However, Brent and WTI oil prices fell 5.2% and 4.2%, respectively, during the last two weeks. WTI oil prices fell 3.8% last week. However, the Energy Select Sector SPDR ETF (XLE) rose 0.8% last week. The companies in XLE develop and produce crude oil and natural gas and other energy-related services.
Energy exploration group Cuadrilla expects to start "fracking" Britain's first horizontal shale well shortly following years of protests and government reviews into this unconventional way of extracting oil and gas. The unlisted company said on Tuesday it was awaiting government approval to frack the first well at its Lancashire site in northern England before starting work around September. Fracking to extract gas from shale rock is contentious in Britain because of concerns it could contaminate underground water reservoirs and harm the environment above ground.
The S&P 500 Index rose ~0.11% to 2,801.31 on July 13—the highest closing since February 1. The expectation of strong second-quarter earnings results has been driving the S&P 500. However, the escalating trade war between the US and China has limited the upside for the S&P 500. Six out of the 11 key sectors in the S&P 500 advanced on July 13.
Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to the downtrending Gann angle at 25018. Watch the price action and read the order flow at 25018 all session. Investor reaction to this angle will tell us if the buying or the selling is getting stronger.
Should prices manage to defy the triangle pattern by conquering 1.1770 resistance, the 1.1835-40 horizontal-region may gain buyers’ attention. GBPUSD is another major which recently bounced off the support and is currently rising to confront near-term important resistance. Herein, the 1.3090-1.3100 is crucial support whereas two-month old descending trend-line at 1.3310 acts as resistance.
Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years.
On July 16–20, the events listed in the following table could impact oil and natural gas prices. The EIA (U.S. Energy Information Administration) is expected to release its monthly drilling productivity report on July 16. The report could influence oil and natural gas prices for the next few weeks.
On July 6–13, US crude oil August futures fell 3.8%. However, US crude oil prices gained 1% and closed at $71.01 per barrel on July 13. US crude oil active futures remained above the 20-day moving average. US crude oil active futures were 1% above the crucial short-term charting level on the same date.
The US LNG futures contract recently announced by CME Group is expected to benefit Cheniere Energy (LNG) and other US LNG exporters. It will likely lead to better risk management and improved price discovery.
Investors were spooked by forecasts of cooler-than-normal weather that could lead to decrease in natural gas demand for air-conditioning.
The gold market continued to remain noisy in the Friday’s session drifting down towards the $1237 level before bouncing a bit. In an alternate scenario, the market needs to break above the $1250 level, to reverse the downtrend. The market has experienced this support level for the couple of times in the last few sessions and if it breaks from here, then the next major support will be at $15.50 level.
About 200 protesters gathered at the main entrance to Iraq's Siba natural gas field on Monday, police sources say.