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Investing.com - Oil prices continued to rise on Friday, bolstered by news that production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and Russia could be extended into 2019.
The only thing we can count on today is elevated volatility levels. In the meantime, the battle between the bulls and the bears will continue given the news about a possible extension of the OPEC-led production cuts.
The gold prices were mostly stable during the yesterday’s session trying to figure out the next move in the market. The silver prices were volatile during the most part of the session during Thursday as it dropped towards the $16.40. Keep an eye on the movement of major currency pairs and gold market to chart the next movement of this market.
The rising prospects of a trade war saw equity markets tumble through the Asian session, with demand for the Yen on the rise, as the markets continued to respond to trade tariffs, which has left the Dollar on the back foot. Risk aversion will provide support for the EUR, while the Pound will be in the hands of the Euro Summit.
Malaysia's Petronas said on Friday it is one of the producers involved in TransCanada's proposal to expand a pipeline system that would open up more markets for the energy company's gas produced in Western Canada. Pipeline operator TransCanada in February said it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its Nova Gas Transmission Line (NGTL), which moves gas from Alberta and British Columbia to markets all over North America. In an emailed statement to Reuters, Petronas said its subsidiary Progress Energy Canada Ltd is one of the eleven shippers involved in TransCanada's application to regulators.
The S&P 500 fell significantly during the trading session on Thursday, as it has been a bit of a “risk off” day in fears of the United States levying tariffs against the Chinese. Any potential trade war could cause major issues economically, and that of course is exactly what the market is thinking.
President Trump is set to escalate the brewing global trade war with tariffs directed at China, and the oil and gas industry is sure to suffer as a result
By Henning Gloystein and Julie Gordon SINGAPORE/HOUSTON (Reuters) - The LNG Canada liquefied natural gas project is on track for a final investment decision (FID) later this year, a British Columbia trade official said on Thursday, ahead of the province unveiling tax breaks geared at pushing the C$40 billion ($31 billion) project across the finish line. British Columbia's New Democratic government said it would repeal the province's LNG tax, while giving LNG companies tax breaks during construction and access to cheaper power, putting them on a similar footing to other industrial sectors.
Natural gas prices moved lower following a report from the Department of Energy that showed that inventories declined slightly less than expected. March is still a drawing month, and Thursday’s reduction did not impress market participants. Colder than normal weather is forecast to cover most of the United States for the next 8-days.Technicals
Gold prices reversed Wednesday rally and slipped slightly as traders took profits. Prices soured on Wednesday as the hawkish comments from new Fed chair Powell was somewhat muted. Support is seen near the 10-day moving average at 1,321. Resistance is seen near the March highs at 1,340. Momentum on the yellow metal has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the e26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
Investing.com - Natural gas futures were little changed near their lowest level in around four weeks on Thursday, after data showed that domestic supplies in storage fell broadly in line with expectations last week.
Investing.com - Crude oil futures pulled back from their highest level in nearly seven weeks on Thursday, as lingering concerns over rising production in the U.S. weighed.
SINGAPORE (Reuters) - ONGC Mangalore Petrochemicals Ltd (OMPL) is seeking heavy cut naphtha through an import tender in a rare move and coming at a time when overall naphtha supplies are tight, traders ...
The world is walking away from coal. But to meet the targets for limiting global warming set out by the 2015 Paris Agreement, it must pick up the pace. According to a report published yesterday (pdf) by Greenpeace, CoalSwarm, and the Sierra Club, the number of new coal plants being developed around the world continued…