EUR/USD 1.15597
0.016%
Gold 4464.91
-0.814%
Oil 97.914
0.976%
USD/JPY 159.144
-0.096%
GBP/USD 1.33337
0.004%
GBP/JPY 212.201
-0.093%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
March 23 – Abu Mujahid al-Assaf, a security official and spokesman for the Iraqi Shiite armed group Kataib Hezbollah, issued a statement early on the 23rd local time, announcing a five-day extension of the suspension of operations against the US embassy in Iraq. The statement urged the complete withdrawal of all foreign troops from Iraq and emphasized that no foreign troops would be allowed to possess any lethal weapons or air defense systems on Iraqi territory.According to the Wall Street Journal, sources familiar with the matter said that employees at Meta Platforms (META.O) have begun using personal agent tools like My Claw, which have access to their chat logs and work files and can communicate on their behalf with colleagues (or their colleagues personal agents).According to the Wall Street Journal, Meta Platforms (META.O) CEO Mark Zuckerberg is building an AI agent to help him handle work-related tasks.S&P 500 futures recovered earlier losses, Nasdaq futures are currently down 0.1%, and Dow futures are up 0.15%.On March 23, the U.S. State Department issued a warning on March 22, advising U.S. citizens worldwide, particularly those in the Middle East, to exercise caution. The warning stated that U.S. citizens abroad should follow security alerts issued by the nearest U.S. embassy or consulate. Periodic airspace closures could disrupt travel. U.S. diplomatic facilities outside the Middle East have become targets of attack. Groups supporting Iran may target other U.S. interests abroad or locations worldwide associated with the U.S. and its citizens.

Warmer Weather Forecasts Lowered Natural Gas Prices 7%

Skylar Williams

Jan 11, 2023 10:54

106.png


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.

Suggestion