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According to Iranian state television, Iran and Iraq have signed a comprehensive security agreement.Ukrainian President Zelensky: We will give a clear response to the Russian drone attack on a shopping mall in Ukraine.August 22 – Maritime Piracy Watch reports a resurgence of piracy off the coast of Somalia following two new attacks this week. Meanwhile, two major conflicts in the region continue to distract and deplete naval forces, putting pressure on local maritime security. Last month, the Houthi rebels in Yemen announced a blockade of Saudi ports and attacked several ships, forcing many vessels to avoid the area. At the same time, the war with Iran has disrupted shipping, with dozens of cargo ships attacked in the Persian Gulf and surrounding waters. The report states that two ships were attacked by Somali pirates, further exacerbating concerns about a rise in piracy this year. Between 2008 and 2010, Somali pirates attacked hundreds of ships, forcing some shipowners to circumnavigate the African continent for safety. International Maritime Bureau official Cyrus Modi stated, “Although there is still a naval presence in the region, Somali pirates may have found an opportunity due to the higher priority given to other maritime security threats. They have been effectively contained and combated for over a decade.”The French presidential palace announced that Saudi Arabia and France will sign several cooperation agreements during the Saudi Crown Princes visit, covering areas such as transportation, energy, and health.On August 22, Brazilian President Lula da Silva called US President Donald Trump on Friday, urging him to restart negotiations on US tariffs on Brazil in an effort to ease tensions with Washington ahead of Brazils October elections. In a statement, the Brazilian government said Lula dismissed US accusations of unfair trade practices against Brazil, which led to the imposition of a 25% tariff on many Brazilian goods. During the more than one-hour call, Lula told Trump that the accusations were "baseless." The Brazilian side stated that Trump proposed a meeting between government officials from both countries as soon as possible. This was the first phone call between the two leaders since relations deteriorated again in May.

Natural Gas Price Forecast - Prices Rise on Report of Strong Inventory

Alina Haynes

May 13, 2022 10:39

Thursday marked the third consecutive trading session in which natural gas prices maintained their upward pace. The National Oceanic and Atmospheric Administration predicts that the weather will be warmer than average in the South for the next 6-10 days and 8-14 days. Northwest temperatures have been declining. Inventories increased over the past week.

 

Thursday's EIA Natural Gas Storage Report indicated that operational gas storage increased by 76 Bcf, from 1,567 Bcf to 1,643 Bcf. In the most recent week, natural gas inventories were anticipated to increase by 66 Bcf.

Technical Evaluation

Natural gas prices challenged the 10-day moving average near 7.766 on Thursday, continuing increases for the third consecutive session. Resistance is anticipated near the May highs, at $8.99.

 

As the fast stochastic generated a crossing buy signal, near-term momentum has turned positive. Nonetheless, momentum is diminishing.

 

Negative momentum has developed in the medium term. The MACD (moving average convergence divergence) signaled a sell crossover. This occurs when the MACD line (12-day moving average minus 26-day moving average) crosses beneath the MACD signal line (the 9-day moving average of the MACD line).

 

The MACD histogram is in negative territory and sloping downward, indicating that prices will decline.

 

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