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On March 16, the Sasebo Regional General Headquarters of the Japan Maritime Self-Defense Force announced that a minesweeper sailing in the waters near Karatsu City, Saga Prefecture, caught fire in the evening of the 15th and was subsequently extinguished. The fire did not cause any injuries to the crew members on board, and no oil leaks were found. The minesweeper returned to Sasebo Port in Nagasaki Prefecture on the morning of the 16th local time under its own power.According to NHK, Japan will invest 100 million euros in a French rare earth project.On March 16, JPMorgan Chase made a pessimistic forecast about Teslas prospects: the brands quarterly deliveries may hit the worst record in three years. Specifically, JPMorgan Chase lowered Teslas delivery expectations by 20%, from the initial estimate of 444,000 vehicles to 355,000 vehicles. Moreover, the original forecast value was slightly higher than the industrys general consensus of 430,000 vehicles. In addition, the agency believes that Teslas stock price still has room to fall sharply, possibly to $120 per share, almost half of the current stock price. At present, Teslas market downturn is just over halfway through the first quarter, and the final impact may not be clear until the second quarter financial report is released. JPMorgan Chase pointed out that Teslas current predicament is "unprecedented" in the automotive industry. "In the history of the automotive industry, it is difficult for us to find similar cases-the market value of a brand can shrink so much in such a short period of time."On March 16, the Yemeni Houthi armed forces said on the 16th that the US militarys air strikes on many places in Yemen on the 15th have killed at least 20 people. The Yemeni Houthi armed forces also stated that they will not remain indifferent to the US military attacks. The Houthi armed forces are fully prepared to "escalate against escalation." The Yemeni Houthi armed forces said on the 16th that the US militarys air strikes on many places in Yemen on the 15th have killed at least 20 people. The Yemeni Houthi armed forces also stated that they will not remain indifferent to the US military attacks. The Houthi armed forces are fully prepared to "escalate against escalation."According to the Philippine Institute of Volcanology and Seismology, a magnitude 5.1 earthquake occurred in the sea near Surigao del Norte Province, Philippines at around 9:10 am on March 16, with a focal depth of 10 kilometers. The earthquake is not expected to cause any damage, but there will be aftershocks.

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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