|Day's Range||3.111 - 3.178|
Saudi Aramco Chief Executive Amin Nasser is negotiating with Russia's Novatek to invest in a large liquefied natural gas project, he was reported as saying by Al Arabiya TV on Tuesday. Saudi Arabia signed ...
A cargo of liquefied natural gas (LNG) from the U.S. terminal of Sabine Pass operated by Cheniere Energy is due to arrive in China on Nov. 11, Refinitiv Eikon shipping data showed on Tuesday. This is the first cargo of U.S. LNG scheduled to arrive in China, according to the data, after the country imposed a 10 percent tariff on U.S. LNG as of Sept. 24, as part of a wider trade war with the United States.
Investing.com - Gold prices inched up on Tuesday morning in Asia as Asian stock markets fell amidst escalating geopolitical tensions over the killing of journalist Jamal Khashoggi and concerns over Italy’s budget.
Investing.com - Oil prices slipped on Tuesday on reports that Saudi Energy Minister Khalid al-Falih said Saudi Arabia would play a "constructive and responsible role" in global oil markets.
The EUR will likely pick up a bid if the Italy-German yield spread narrows sharply.
Based on Monday’s close at 25294 and the early price action, the direction of the December E-mini Dow Jones Industrial Average on Tuesday is likely to be determined by trader reaction to the main 50% level at 25233.
Crude oil markets kicked off the week on a soft footing, reaching down towards the support levels underneath. At this point, the question is whether or not they will hold?
The natural gas markets had fallen towards the $3.15 level early during Monday trading, but look to be finding a bit of support at this level that was previously a gap but has also offered support since then.
It looks like the Brexit fears are added again, as the British pound has broken down rather significantly. Ultimately, I do believe that the buyers will return and I think we are getting oversold, but perhaps the short-term fear continues to grip the market.
U.S.-China trade relations remain the focus for traders. Things heated up somewhat on Monday when a Chinese official told American Investors at a meeting that Beijing did not “fear” a trade war with Washington.
While oil prices have seen a remarkable recovery in the last year, investor confidence will remain shaky while oil price volatility is high
As far back as the 1970s, the United States has struggled with overreliance on foreign energy imports, and now China appears to be making the same mistake
On October 12–19, the United States Natural Gas ETF (UNG) rose 2.9%, while the ProShares Ultra Bloomberg Natural Gas ETF (BOIL) rose 4.7%. These ETFs track natural gas futures. UNG holds active natural gas futures contracts, while BOIL’s objective is to track twice the changes of the Bloomberg Natural Gas Subindex.
In the week ending October 19, natural gas prices trended lower after experiencing a spike in the week ending October 12 at Henry Hub in the United States (MXI). According to the EIA (U.S. Energy Information Administration), most natural gas prices in locations other than Henry Hub rose.
Natural gas prices dropped 3.3% on Monday as the weather forecast turn more mild, taking some of the upward volatility out of prices. Hedge funds remain long NYMEX natural gas but reduced some of their length according to the latest industry report. Natural gas prices tumbled 3.3% on Monday, and are forming a topping pattern.
After trading sideways for more than 2-months from mid-August to mid-October, many had hoped that the surge in gold prices on October 11, was the beginning of the breakout. While prices continue to form a bull flag pattern, which is a pause that refreshes, the sideways price action is draining. Yields in the US have stabilized with the 10-year near the 3.18 handle, which has levels the dollar creating a new trading range for gold.
On October 12–19, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) fell 2.6% and 1.8%, respectively. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 4.7%. These ETFs track US crude oil futures.
On October 12–19, natural gas November futures rose 2.8% and settled at $3.25 per MMBtu (million British thermal units) on October 19. The inventories are 16.6% below their five-year average, which raised concerns about tighter supply during the upcoming winter season.
On October 20, Saudi Arabia admitted that US resident Jamal Khashoggi died during his visit to the Saudi consulate in Istanbul on October 2. The tension between the Western world and Riyadh might escalate. Previously, Saudi Arabia denied its involvement in the journalist’s disappearance.
Venture Global LNG Inc's Calcasieu Pass liquefied natural gas (LNG) export terminal in Louisiana took a big step toward receiving federal approval for construction on Monday after staff at the U.S. energy regulator issued a final environmental report. FERC said in a release that its commissioners will take the FERC staff's recommendations into consideration when they make a decision on the project. FERC did not say when the commissioners would make that decision.
Natural gas prices eased Friday as traders took profit following an in line inventory report released earlier in the day by the Department of Energy. The trajectory of injections remains subdued which will put the US at a year over year deficit when the withdrawal season begins on November 1. Natural gas prices reversed course mid-day on Thursday following an inventory report from the Department of Energy. Prices dropped losing all of Wednesday’s gains, as prices failed near resistance levels at a downward sloping trend line that comes in near 3.37.
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Subdued USD demand fails to build on the momentum beyond 1.3100 mark as market focus shifts to this week’s key event risk – BOC monetary policy decision.
Precious metals erase early gains and have taken a decline in price action although geopolitics concerns and Italy weigh on global stability.