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US President Trump: We will defend American values. We will support the US military and border guards.July 4: Despite Thursdays fall, gold prices are still expected to rise this week as investors consider the reduced likelihood of a Fed rate cut and lingering concerns about the outlook for global trade. Gold prices traded around $3,330 an ounce this week, up about 1.7%. The previous session closed down 0.9% as U.S. jobs data unexpectedly rose while the unemployment rate was lower than expected. The dollar rose along with U.S. Treasury yields, putting pressure on gold prices as traders exited their already insignificant bets on a rate cut at the Feds July meeting. So far this year, Fed policymakers have kept key interest rates unchanged, citing the potential for Trumps tariff policy to exacerbate inflationary pressures. Officials also pointed to the generally stable job market as supporting their view that they do not need to rush to cut interest rates.The Hang Seng Index in Hong Kong opened on July 4 (Friday) down 169.25 points, or 0.7%, to 23,900.69 points; the Hang Seng Technology Index opened on July 4 (Friday) down 39.38 points, or 0.75%, to 5,194.33 points; the CSI 300 Index opened on July 4 (Friday) down 62.96 points, or 0.73%, to 8,585.48 points; the H-share Index opened on July 4 (Friday) down 0.66 points, or 0.02%, to 4,096.8 points.When the Hong Kong stock market opened, the Hang Seng Index opened down 0.7%, and the Hang Seng Technology Index opened down 0.75%; Xpeng Motors (09868.HK) opened down nearly 2%. Its worlds first L3-level computing AI car, Xpeng G7, was recently launched.July 4th news, on the morning of July 2nd, the National Energy Administration organized a mid-term work meeting for the pilot survey of wind power and photovoltaic power generation resources. Wan Jinsong, member of the Party Leadership Group, deputy director, and leader of the pilot survey work group of wind power and photovoltaic power generation resources of the National Energy Administration, attended the meeting and delivered a speech. The meeting called for accelerating the progress of the work, focusing on the application value of the results, and promoting the high-quality construction of the national new energy system with the results of the high-level survey pilot work. The meeting reviewed and approved the "Technical Guidelines for the Pilot Survey of Wind Power and Photovoltaic Power Generation Resources" and the "Notice on Doing a Good Job in the Management of Regional Wind and Solar Resource Observation Network Data".

Natural Gas Prices Jumped 5% After A Three-week Drop of 50%

Haiden Holmes

Jan 10, 2023 10:52

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The price of natural gas jumped by more than 5% on Monday as longs attempted to offset three weeks of losses that resulted in a decrease of more than 50% since the closing of November.


As trading for the second week of January began at the Henry Hub of the New York Mercantile Exchange, gas futures rose by up to 11 percent immediately. Nonetheless, as the day progressed, the market's upward momentum diminished, resulting in a closing price that was about half of the session's price peak.


On Friday, the Henry Hub gas contract for February was settled at $3.91 per mmBtu, an increase of 20 cents or 5.4%. Earlier in the day, February gas prices reached a high of $4.123 per mmBtu.


It was an incremental increase for a contract that lost 76.50 cents, or 17.1%, last week and 35.0% during the preceding two weeks.


Natural gas futures had a dramatic decrease beginning in December 2022, following spectacular upward price action throughout most of 2022 due to weather extremes and a supply squeeze caused by political and other barriers to Russian gas output in the aftermath of the Ukraine invasion. Due to unusually warm winter temperatures over the past month, heating markets in both Europe and the United States are now amply supplied.


In view of forecasts expecting extremely warm temperatures across the United States until at least January 12, meteorological indicators indicate the probability of more fuel price decreases.


Despite this, a number of analysts remain bullish on the gas market for the following two weeks.


There are some positive aspects of the U.S. gas market. Gelber & Associates, a Houston-based energy markets consulting firm, warned in a letter published on Monday that the European (ECMWF) and Climate Forecast System Version 2 (CFSv2) weather forecast models indicate another potentially frigid weather pattern transition by late January into February.


If this estimate materializes, it might lead to withdrawals of 200 billion cubic feet or more in the coming weeks. Lastly, longer-range 'analog' models suggest that below-average temperatures could be a recurring issue until late March or April."


The U.S. Energy Information Administration has documented withdrawals in excess of 200 billion cubic feet (bcf) during the past two weeks. This would be considered optimistic under normal circumstances, but the unexpectedly warm start to the 2022/23 winter has recently altered market expectations for draws.

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