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On the morning of September 1 local time, President Xi Jinping will attend the 26th meeting of the Council of Heads of State of the Shanghai Cooperation Organisation (SCO) at the Bishkek Palace of Happiness and deliver an important speech.September 1st - According to the latest statistics from Flight Manager DAST, 18 China-Japan routes cancelled all flights in August, the latter half of the summer travel season. A total of 1,120 flights from mainland China to Japan were cancelled in August, representing a cancellation rate of 30.1%.On September 1st, Westpac Bank predicted that the Reserve Bank of New Zealand (RBNZ) would raise interest rates by 25 basis points to 2.75% on September 2nd, a prediction consistent with market expectations. The bank anticipates that the RBNZs policy forecasts will suggest a year-end rate of 3%, with a peak potentially approaching 3.3%. Regarding a potential further rate hike in October, the bank expects the RBNZ to signal a data-dependent outcome. Unless the RBNZ deviates from Westpacs expected "data-dependent" framework in its statements about October policy action, the potential for a sharp market reaction is limited. The bank believes the probability of a hawkish surprise, an upward revision of the neutral rate assumption, or a clearer signal of consecutive rate hikes in October and December is only 10% to 15%; similarly, the probability of a dovish surprise suggesting a pause in rate hikes before December is also 10% to 15%. This implies that the risks around the baseline scenario are roughly symmetrical, with no significant bias.September 1st - The National Essential Medicines List, which serves as the basis for the allocation and use of medicines by medical institutions, was released by the National Health Commission, the State Administration of Traditional Chinese Medicine, and the National Center for Disease Control and Prevention to better meet the basic medication needs of the public for disease prevention and treatment. The list officially came into effect today (September 1st). This update adds 68 new chemical drugs and biological products, focusing on chronic and common diseases with high incidence rates and expanding the range of diseases covered. The update also pays special attention to pediatric medication, focusing on common childhood illnesses and expanding the types of medicines suitable for children.September 1st - As of August 31st, during the 62-day summer travel season, the Guangzhou Railway Bureau of China Railway transported a total of 128 million passengers, an increase of 3.223 million passengers compared to last year, representing a year-on-year growth of 2.6%, setting a new record for passenger volume during the same period in previous summer travel seasons.

Prices of Natural Gas Increased Ahead of an Inventory Report

Daniel Rogers

May 05, 2022 11:21

Tuesday, natural gas prices soared to new 13-year highs. For the next two weeks, the weather is forecast to be mixed, with cooler temperatures on the West Coast and warmer temperatures on the East Coast. Stockpiles of natural gas are projected to grow.

 

Net storage injections totaled 40 Bcf last week, compared to 53 Bcf on average over the last five years and 18 Bcf last year during the same week. Working natural gas inventories totaled 1,490 Bcf, 305 Bcf less than the five-year average and 406 Bcf less than this time last year.

Technical Evaluation 

Natural gas prices increased on Monday, reaching a fresh intraday high of 13 years. At 5.7, support is located at the 20-day moving average. Near the June 2013 highs of 13.60, the target resistance is visible.

 

The medium-term trend has shifted to the positive. A crossover purchase signal was given by the MACD (moving average convergence divergence). The MACD histogram is in positive zone with an upward sloping trajectory, indicating that prices are likely to rise. The short-term momentum indicator has turned positive as a crossing buy signal was given by the fast stochastic.

 

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