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On October 12, according to US media reports, US Navy officials said on the same day that the US Navy dismissed the commander of the USS Wyoming (SSBN 742) ballistic missile nuclear submarine this week. The US Navy issued a statement saying that the commander of the Navys 10th Submarine Squadron, Rear Admiral Bob Worth, dismissed Lieutenant Commander Robert Moreno, who led the "Blue" crew of the USS Wyoming nuclear submarine, because of "loss of confidence in his command ability." US media said that the military usually removes commanders from their posts due to loss of confidence, but does not provide specific reasons for dismissal. The US Navys statement did not provide more information about the decision to remove Moreno, and a Navy spokesman declined to provide further details. The statement read: "Navy commanders must adhere to high standards of personal and professional conduct. They should uphold the highest standards of responsibility, reliability and leadership, and if they fail to meet these standards, the Navy will hold them accountable."According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.

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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