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Fitch: Middle East conflicts pose a growth risk, and Italy is vulnerable due to its inflation being susceptible to energy price volatility.Fitch: (Qatar) Qatars stability outlook reflects market expectations that a credible prospect of a significant increase in LNG production will mitigate the impact of the war with Iran. The base case scenario is that the conflict will last less than a month, during which time the Strait of Hormuz will remain closed. Gas production is expected to resume once traffic in the Strait of Hormuz returns to normal.Fitch affirmed Spains rating at "A" with a stable outlook; affirmed Italys rating at "BBB+" with a stable outlook; and affirmed Qatars rating at "AA" with a stable outlook.According to foreign media statistics, the market value of the S&P 500 index has evaporated by $2 trillion since the outbreak of the war with Iran.On March 14, U.S. Attorney Robert Piro vowed to continue his investigation into Federal Reserve Chairman Jerome Powell after a judge dismissed subpoenas issued to him, potentially delaying the appointment of Kevin Warsh as Powells successor, whose term ends in May. U.S. District Judge James Bosberg stated that the government failed to provide any evidence to justify its subpoenas related to renovations at the Fed headquarters and Powells comments on the project. Piro stated, "This process was arbitrarily disrupted by a radical judge. The process should have proceeded smoothly, but they didnt. They are disgraceful." Senator Tillis, a member of the Senate Banking Committee, warned that he would block any nomination of a Fed chairman as long as the Justice Departments investigation into Powell continues. "This ruling confirms how weak and baseless the criminal investigation into Chairman Powell has been; it is nothing more than a failed attack on the Feds independence," Tillis said. "The appeal will only delay the confirmation of Kevin Warsh as the next Fed chairman."

Natural Gas Prices Continue to Rise, Reaching a Multi-Month High

Drake Hampton

Mar 31, 2022 10:17

Significant Insights

  • Natural gas prices have surged significantly.

  • Prices finished close to a four-month high.

  • The weather is forecast to be typical.

 

Natural gas prices spiked on Wednesday, ahead of the Energy Information Administration's inventory update on Thursday. Estimize, a survey provider, anticipates a 14 Bcf drop in inventories. The weather is forecast to remain normal during the next six to ten and eight to fourteen days, with high temperatures along the Atlantic and Pacific coasts.

 

Residential and commercial sectors drive reduce natural gas consumption in the United States. Natural gas usage in the United States decreased by 18.6 percent in the previous report week. Week over week, natural gas use for power generation decreased by 7.0 percent. Consumption in the industrial sector declined by 5.5 percent. Consumption fell by 37.1 percent in the residential and commercial sectors.

Technical analysis

Natural gas prices finished at a multi-month high on Wednesday and are ready to test new highs. Near the October highs of 6.46, resistance is present.

 

The short-term momentum indicator has turned positive as a crossing buy signal was given by the fast stochastic. Prices have re-entered overbought territory, with the Fast Stochastic reading 93, exceeding the overbought trigger level of 80.

 

The medium-term trend has shifted to the positive. The MACD (moving average convergence divergence) indicator generates a buy signal upon crossover. This occurs when the MACD line (the 12-day moving average divided by the 26-day moving average) crosses over the MACD line's 9-day moving average.


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