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Market pricing indicates that the European Central Bank is expected to raise interest rates by a further 32 basis points this year, compared to a forecast of 25 basis points on Tuesday.July 8th Futures News: On July 8th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 290,372 tons, an increase of 1,788 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 33,660 tons. 6. Petroleum asphalt futures warehouse receipts: 9,310 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 12,970 tons, a decrease of 3,000 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.The German DAX 30 index opened down 177.15 points, or 0.69%, at 25312.11 on Wednesday, July 8th; the UK FTSE 100 index opened down 33.71 points, or 0.32%, at 10632.17; and the French CAC 40 index opened down 49.27 points, or 0.58%, at 8386.97. (European...) The Stoxx 50 index opened down 32.61 points, or 0.52%, at 6287.25 on Wednesday, July 8; the Spanish IBEX 35 index opened down 131.27 points, or 0.67%, at 19508.93 on Wednesday, July 8; and the Italian FTSE MIB index opened down 202.94 points, or 0.39%, at 52252.50 on Wednesday, July 8.According to Futures News on July 8th, as of 15:00 Beijing time, spot platinum fell 0.49%, while spot palladium rose 0.83%.July 8th - Rostov Oblast Governor Slyusar posted on social media that the region was hit by a large-scale drone attack early that morning, damaging two oil tankers and injuring two people. Slyusar stated that the two oil tankers bound for Rostov-on-Don were attacked by drones in Taganrog Bay, and that Rostov Oblast remains under drone threat; residents are advised to stay indoors and away from windows.

Natural Gas Price Futures (NG) Technical Analysis - Strengthens Above $8.085, Fails Below $7.786

Alina Haynes

May 16, 2022 11:10

 截屏2022-05-16 上午10.21.48.png

 

On Friday, U.S. natural gas futures settled lower due to projections of milder temperatures and reduced demand over the next two weeks.

 

A decrease of 3 percent in European gas futures also weighed on prices. As a result of sanctions and the closure of a pipeline in Ukraine, Russia's exports have decreased, which explains Europe's weakness.

 

Futures contracts for natural gas in July settled on Friday at $7.765, down $0.070, or 0.89 percent. The United States Natural Gas Fund ETF (UNG) closed the day at $26.27, down $0.21, or -0.79%.

 

In yet another unexpected turn of events, U.S. prices plummeted despite the fact that Texas is preparing for a heat wave that will increase demand for electricity to run air conditioners early the following week.

Technical Analysis of Daily Swing Chart

According to the daily swing chart, the primary trend is to the downside. Last week, sellers broke a pair of major bottoms at $6.919 and $6.557, reversing the trend.

 

A transaction above $6.521 will indicate a continuation of the downturn. A rise above $9.052 will result in a transition to an upward trend.

 

The range for the next month is $9.052 to $6.521. Its retracement zone between $7.786 and $8.085 halted Friday's rebound at $8.022.

 

The primary range is $3.515-2.052 The important support zone is between $6.283 and $5.630, which is the retracement zone.

Technical Forecast

The trajectory of the July natural gas futures market will be dictated by traders' reactions to $7.786 at the start of trading on Monday.

Positive Scenario 

A prolonged advance above $7.786 will show buyer presence. The initial upside objective is a short-term Fibonacci level located at $8.085. This is a potential trigger for an acceleration to the upside, with $9.052 being the probable next upside objective.

Bearish Prediction

A persistent move below $7.786 will indicate the existence of sellers. If this move develops sufficient momentum to the downside, then watch for the selling to extend to a minor pivot at $7.272.

 

Be on the lookout for a technical rebound on the initial test of $7.272 as countertrend buyers attempt to construct a potentially bullish secondary higher bottom. If this level fails as support, selling might extend to the major support level at $6.521, followed by the retracement zone target of $6.283 to $5.630.


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