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Futures News, December 12th: Overnight oil prices trended downwards, and news in the fuel oil market was bearish. Market trading was moderate, with downstream buyers purchasing only as needed and mainly for immediate needs. Refinery shipments were sluggish. It is expected that todays negotiations will remain generally stable, with some minor declines in individual cases.December 12th - It was learned today from the National Medical Products Administration that the "Three-Year Action Plan for Improving the Production Quality Management System of Cosmetic Enterprises (2026-2028)" has just been released. The regulatory authorities will help small and medium-sized cosmetic enterprises overcome difficulties such as insufficient compliance of raw materials and inconsistencies between production processes and registration documents, improve the quality management capabilities of key personnel, encourage provincial drug regulatory departments to formulate quality management review requirements adapted to digital production, promote systems such as "release from external warehouses," and explore the use of artificial intelligence and other means to assist in inspection and risk assessment.Uber (UBER.N) expects to offer self-driving taxi services in more than a dozen markets by the end of next year, and the company is discussing rules for the self-driving service with regulators.The White House: The Chairman of the U.S. Securities and Exchange Commission (SEC) will review all rules, regulations, guidelines, announcements, and memoranda related to proxy counsel.On December 12th, local time, when asked on December 11th whether the US action against Venezuela, following the seizure of the Venezuelan oil tanker, was still solely focused on the drug issue, US President Trump stated that the US response involved "far more than just drugs," and claimed that Venezuela was smuggling a large number of criminals into the US. Trump stated that the US was "taking strong action" and indicated that drug trafficking along the border had decreased by 92%. In his response, Trump further hinted that the US might escalate its operations, saying that "the operation will soon extend from the sea to the land," but did not provide specific details.

Natural Gas fails to find firmer traces, eaches a new 33-month low near $2.13 per barrel

Daniel Rogers

Apr 03, 2023 14:10

 截屏2023-01-19 下午3.42.24.png

 

Natural Gas (XNG/USD) price disregards Oil's rally and falls to a new 33-month low near $2.13 on Monday morning. The energy instrument's recent volatility may be attributable to concerns about milder weather in the West, as well as the US Dollar's recent rebound ahead of March's crucial employment report.

 

In spite of this, the Organization of Petroleum Exporting Countries (OPEC) and its allies, headed by Russia and known as OPEC+, unexpectedly announced a 1.16 million barrels per day output reduction, which exacerbated inflationary concerns. As a result, traders may reevaluate their prior optimism regarding future inflation ease, which encourages central policymakers to maintain their hawkish bias and permits the US Dollar to nurse its wounds. As of press time, the US Dollar Index (DXY) is up 0.33 percent intraday near 102.32.

 

Not only did OPEC+-induced inflation concerns and a stronger US dollar weigh on XNG/USD prices, but China's disappointing PMI data also contributed to the decline.

 

China's Caixin Manufacturing PMI for March decreased to 50.0 from 51.6 previously and 51.7 market forecasts.

 

On a separate page, discussions of milder weather in the West and increased gas supplies from Germany exert downward pressure on the XNG/USD exchange rate.

 

In light of these maneuvers, the price of Natural Gas may continue to be under pressure toward the $1.53 mark in 2020. However, today's US ISM Manufacturing PMI and S&P Global Manufacturing PMI for March can provide intraday guidance for commodity prices before Friday's US Nonfarm Payrolls report. (NFP).


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