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May 25 - It was learned on the 25th local time that members of the Iranian Islamic Parliament voted to allow Ghalibaf to continue serving as speaker for another year.On May 25, the Ministry of Human Resources and Social Security and four other departments jointly released the "Interim Provisions on the Protection of the Basic Rights and Interests of Over-Age Workers," which will take effect on July 1. This is my countrys first dedicated regulation clearly defining the rights and interests of over-age workers, filling a gap in the countrys current labor laws and regulations. It clarifies the rights and obligations of employers and over-age workers, guaranteeing their legitimate rights and interests, including wages, rest and leave, occupational safety and health, and work-related injury protection.ECB Governing Council member Stournaras: If inflation is significantly higher than the target level, monetary policy should be adjusted in a balanced and prudent manner to move it toward a tighter stance.ECB Governing Council member Stournaras: We must ensure that inflation returns to the 2% medium-term target.On May 25th, according to futures market news, in the past week, the average production-to-sales ratio of gasoline vehicles at Shandong local refineries was 77%, a decrease of 1 percentage point from the previous week; the average production-to-sales ratio of diesel vehicles was 88%, an increase of 8 percentage points from the previous week. Regarding gasoline, the lack of holiday support and commuting by residents resulted in a lack of positive factors to boost gasoline demand, with small-volume purchases at the terminal level leading to continued sluggish sales in the gasoline vehicle market. Regarding diesel, demand was supported by industries such as engineering infrastructure and logistics transportation. Additionally, last week, influenced by market news, there was a strong "buy high" sentiment at the terminal level, leading to a short-term improvement in Shandongs diesel market, and the production-to-sales ratio of diesel vehicles increased slightly compared to the previous week.

Warmer Weather Forecasts Lowered Natural Gas Prices 7%

Skylar Williams

Jan 11, 2023 10:54

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New forecasts for a mild winter sent natural gas prices back to the mid-$3 area.


The February gas contract on the Henry Hub of the New York Mercantile Exchange settled at $3.639 per mmBtu on Tuesday, down 27 cents, or 7%.


The drop follows Monday's 11% and 5.4% gas hikes. The benchmark gas contract is down 2% week-to-date and 52% in the past three weeks.


Gelber & Associates, a Houston-based energy markets consultancy, claimed market bears are selling NYMEX front-month natural gas contracts. "Sellers have regained control, driving prices to the low $3.30s/mmBtu as market players predict unseasonably high temperatures in the U.S.


Natural gas contracts fell precipitously in December after rising rapidly for much of 2022 due to weather extremes and a supply bottleneck caused by political and other barriers to Russian gas output after the Ukraine incursion. Unexpectedly mild winter temperatures have left European and American heating markets well-stocked.


According to the Gelber research, extremely mild temperatures through mid-January could lead to further gas price drops.


According to the Global Forecast System (GFS) and the European (ECMWF) models, the near-term temperature picture is bleak for mid-January, with daily gas storage withdrawals likely to be below the five-year average for two weeks.


The stoppage of the Freeport liquefaction facility in Texas has also reduced LNG exports by 2 bcf per day.


"For gas market bulls, colder weather in Europe would be beneficial," Gelber said. Similar to the U.S., European temperatures have been unusually warm since December.


Compared to $80-$100 per mmBtu last summer, European gas prices at the TTF point in the Netherlands are $21-$24.


"It's not out of the question that NYMEX gas futures may return to $5 [per mmBtu] or higher in the near future," Gelber wrote, "but it will require enormous amounts of Arctic air to dominate the nation for several weeks." Any weather forecast model regressions toward a lengthier period of warmth would send NYMEX gas futures to new lows.

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