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On December 3, the European Central Bank (ECB) requested Italy to reconsider its proposal to declare the countrys gold reserves as the property of the Italian people, a move that could ultimately lead to the government selling some of its gold reserves. In a statement, the ECB said, "It is recommended that the Italian authorities reconsider the terms of the draft, while keeping in mind the maintenance of the independence of the Bank of Italy in fulfilling its fundamental responsibilities under the ECB System as stipulated in the treaty." According to data from the Bank of Italy, Italy holds approximately 2,452 tons of gold, ranking third globally after the United States and Germany. With the continued rise in gold prices, some members of the center-right party to which Italian Prime Minister Meloni belonged proposed an amendment in the upcoming budget to confirm that the gold reserves are managed and held by the Bank of Italy, but with the added statement that they "belong to the Italian people." The ECB noted, "The specific purpose of the draft terms is not yet clear."The MBA 30-year fixed mortgage rate in the United States was 6.32% for the week ending November 28, compared with 6.4% previously.The MBA Mortgage Purchase Index for the week ending November 28 was 186.1, compared to 181.6 previously.The MBA mortgage application activity index in the United States for the week ending November 28 was 313, compared with 317.6 in the previous week.The MBA Mortgage Refinancing Activity Index for the week ending November 28 was 1041.9, compared to 1090.4 in the previous week.

Natural Gas Prices Rise After A Weeklong Drop to Almost Two-year Lows

Haiden Holmes

Feb 07, 2023 14:40

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Natural gas prices inched up on Monday as buyers emerged at the lower level for the heating fuel, which had been pummeled to more than two-year lows by a selloff spurred by a forecast of a relatively mild winter for the 2022/23 season.


The March front-month gas contract on the Henry Hub of the New York Mercantile Exchange recovered nearly all of its Friday losses to end up 4.7 cents, or 1.8%, at $2.457 per mmBtu, or metric million British thermal units. In the previous session, it reached a session low of $2.343, hitting a low not seen since December 29, 2020, when it dipped to $2.282.


The benchmark gas futures contract dropped about 16% last week, extending its decline from December's $7 high to more than 60%. Prior to that, in August it reached a 14-year high of $10.


An unexpectedly warm start to winter 2022/23 in the United States has resulted in significantly less heating demand than usual, leaving more gas in storage than anticipated. Despite this, temperatures between Friday and Saturday averaged at or below 20 degrees Fahrenheit (-6.7 degrees Celsius) in New York City and other significant cities in the U.S. Northeast, the largest heating market in the country.


The Energy Information Administration (EIA) reported that gas stocks in the United States for the week ending January 27 totaled 2.58 trillion cubic feet (tcf). According to the EIA, this is up 9.4% from the previous year's level of 2,361 tcf. On February 9, the agency will provide its next storage update.

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