|Day's Range||2.6300 - 2.6340|
Last November, diplomats from Brazil to Japan joined oil and gas executives at the headquarters of Washington's largest lobbying group to christen a new partnership. Inside the marble walls of the U.S. Chamber of Commerce, a crowd of 200 welcomed the U.S. Gas Infrastructure Exports Initiative — a coalition of 25 companies, nine trade groups, five law firms, at least five federal agencies and a nonprofit think tank. Its mission: to drive sales of American natural gas by pumping dollars into pipelines and gas-processing facilities overseas.
Crude oil markets went back and forth during trading on Wednesday, as we continue to try to figure out whether or not we are going to get a pop from these major support levels that we have recently been involved with.
Natural gas markets broke down during the trading session on Wednesday, slicing through the uptrend line of a major triangle. Because of this, I think the market has suddenly made up its mind.
Gold markets rallied slightly during the trading session on Wednesday, as we continue to hang around the $1250 level, an area that has been important more than once.
The US dollar tried to rally during the trading session on Wednesday but struggled to continue going higher as one would expect as we have seen resistance just above recently.
The British pound is seen short covering ahead of the confidence vote for Teresa May and her government. At this point, the 1.27 level above should be crucial, and I think that it is only a matter of time before the sellers come back.
The Australian dollar rallied initially during the trading session on Wednesday but struggled at the 0.7250 level. That’s an area that has offered a bit of “fair value” for the markets, and I think we will continue to see the Australian dollar react to this level.
Determined to avoid a natural gas supply crunch, the Chinese authorities are handling gas supplies much better this winter as both imports and domestic production are rising
Indices across Asia surged on signs of thawing trading tensions between the US and China. US markets were up an average 1.0% in early Wednesday pre-opening trading. In the UK new developments in the Brexit dealings have traders wary.
The American stock markets have complex dynamics. It is not the first day that we have seen the sale prevail in the midst of the American session, and often even overlap the positive dynamics within the day.
Natural gas prices moved lower on Tuesday reversing Monday rise as warmer than normal weather is forecast to cover most of the United States for the next 6-14 days according to the National Oceanic Atmospheric Administration. With the weather warmer than normal heating demand will be muted into the holiday season. In its short-term energy outlook the EIA estimates higher production year over year which will continue to increase in 2019. Natural Gas prices moved lower dropping more than 3% and reversing Monday’s rise. Support on natural gas is seen near an upward sloping trend line that comes in near 4.33.
Investing.com - Oil prices bounced back on Tuesday following a sharp decline of 3% in the prior session as risk assets recovered their appeal and a supply outage in Libya continued to support prices ahead of U.S. inventory data.
Silver markets rallied significantly during the trading session on Tuesday, as we continue to worry about global concerns and trade wars. Beyond that, there are a plethora of potential landmines out there that could cause issues.
Natural gas markets initially tried to rally during the trading session on Tuesday, but found quite a bit of resistance above to turn around and crash into the bottom of the consolidation triangle that we have been in.
The British pound initially tried to recover some of the losses during the trading session on Tuesday but rolled over again as the Brexit uncertainty continues. Ultimately, I think this is the overall theme for this pair, we will continue to go lower.
British shale gas company Cuadrilla has again paused fracking at its Preston New Road site in Lancashire, northwest England, after tremors were detected, the company said. This marks the third time operations have been halted at the site following seismic activity under Britain's so-called traffic light regulation system, since they began in October. "A series of micro seismic events in Blackpool have been recorded on the British Geological Survey website this morning following hydraulic fracturing at our shale gas exploration site in Preston New Road, Lancashire," Cuadrilla said in a statement.
Based on the closing price reversal bottom and the earlier price action, the direction of the December E-mini Dow Jones Industrial Average on Tuesday is likely to be determined by trader reaction to 24517.
Well, employment in the sector did go up by 400 jobs in November to an estimated 53,200, the highest level since February 2016.(1) The number has been oscillating in a narrow band around 53,000 since April, though, and in the grand scheme of things, even the 2,500 coal-mining jobs added since Trump took office in January 2017 really don’t amount to much. Employment in coal mining peaked in the U.S. in 1923, at 862,536.(2) Most of the decline since then has been about increasing productivity: Mining companies kept digging more and more coal out of the ground but did it with fewer and fewer people. For the past decade, though, something else has been at work: Coal use in the U.S. has been plummeting.
The price action since the spike to $4.964 on November 14 suggests a balanced market. It also indicates that traders are being influenced by the inconsistent weather patterns. This is why prices continue to straddle the short-term retracement zone at $4.431 to $4.557.