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On November 16th, it was reported that U.S. federal officials confirmed on the 15th that they had increased enforcement efforts against undocumented immigrants in Charlotte, North Carolina. On the same day, federal law enforcement officers conducted arrests at multiple locations, drawing strong opposition from local government and residents. Assistant Secretary of Homeland Security Tricia McLaughlin stated in a statement that they were deploying additional Homeland Security law enforcement personnel to Charlotte.According to TASS, Russian air defense systems shot down 57 Ukrainian drones last night.On November 16, it was reported that Li Baian, former member of the Party Committee and Vice President of China Merchants Group Limited, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.On November 16th, according to the Finnish newspaper Helsingin Sanomat, European Central Bank (ECB) Governing Council member Rehn stated that the risk of slowing inflation should not be ignored. Low energy prices, a stronger euro, and declining wage and service sector inflation all suggest that overall inflation may be excessively below the ECBs 2% target. When asked if the ECB might cut interest rates again in December, Rehn said, "This risk cannot be underestimated." However, he also cautioned against the potential for rising inflation. Rehn stated that despite the Trump administrations tariff policies disrupting global trade, the Eurozone economy has shown resilience. Rehn also warned that the stock market "clearly faces the risk of a correction," emphasizing the importance of bank capital buffers. Driven by the US artificial intelligence boom, current stock prices appear high relative to the performance of the real economy and corporate profits. This requires caution.On November 16th, it was reported that the United States and Trinidad and Tobago are about to conduct military exercises in waters near the coast of Venezuelas Sucre state. On November 15th, Venezuelan President Maduro strongly condemned the exercises, calling the action "irresponsible" and a "threat" to peace in the Caribbean. Maduro stated that such actions are intended to put pressure on Venezuela, but Venezuela "will not be threatened by anyone." Recently, Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will be "intensifying exercises" in the country "in the coming days."

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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