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On July 4, the South Korean Joint Chiefs of Staff reported that the South Korean military controlled a North Korean person who crossed the military demarcation line on the evening of the 3rd. The South Korean Joint Chiefs of Staff stated that after the South Korean military found the relevant personnel in the area of the military demarcation line in the central and western parts of the country on the evening of the 3rd, they tracked and monitored them, carried out induced operations, and then controlled the relevant personnel. At present, the relevant departments are investigating them. The Joint Chiefs of Staff also stated that as of now, the North Korean army has no special movements.According to a Reuters poll: 31 of 37 economists believe the Reserve Bank of Australia will cut the cash rate to 3.60% on July 8, while six believe the rate will remain unchanged. The median forecast of economists shows that the Reserve Bank of Australia will cut the cash rate to 3.10% by the end of 2025 (down from 3.35% in the May survey).Japanese government officials: Japans household spending growth in May was the fastest year-on-year since August 2022, and the month-on-month growth rate was the highest since March 2021.Trump praised U.S. Treasury Secretary Besant, U.S. Senate Republican leader Thune and U.S. House Speaker Johnson for the passage of the "Big, Beautiful Act."Japans total household spending in May was 4.7% year-on-year, in line with expectations of 1.20% and the previous value of -0.10%.

Natural Gas Price Prediction - Prices to Rise on EIA's Positive Prognosis

Alina Haynes

May 12, 2022 11:06

Natural gas prices rose substantially for the second consecutive trading session on Wednesday. The National Oceanic and Atmospheric Administration predicts that for the next 6 to 10 days, the majority of the South will see weather that is warmer than average. In the upcoming week, it is anticipated that inventories would increase.

 

The most recent week is anticipated to see a 66 Bcf increase in natural gas stockpiles, according to survey provider Estimize. The release follows the addition of 55 Bcf to stockpiles. In its short-term energy forecast, the EIA projected that natural gas prices will average $8.4 per MMBtu in 2022. 

Technical Evaluation

Wednesday saw a significant increase in natural gas prices, the second straight day of gains. Prices reclaimed resistance, which is presently providing support close to the 20-day moving average at 7.32. 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.

 

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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