Day: April 12, 2022

Crude Oil Markets Threatening Major Breakdown

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The West Texas Intermediate Crude Oil market has fallen during the trading session to threaten the uptrend line that we have been paying so much attention to most of this year. At this point, the market is solidly below the 50 Day EMA, so therefore short-term momentum is definitely swinging to the downside. Because of this, it is very likely that the market may continue to threaten the $90 level, and a breakdown below there almost certainly would have a devastating psychological effect on the market. To the upside, we…

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Italy signs gas deals with Algeria to reduce reliance on Russia

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to Friday. On Monday, week over week, natural gas arrivals at LNG terminals were 4% higher. The weather is expected to be much colder than average in the mid-West over the next 6-10 days and moderating over the next 8-14 days but still colder than normal. This scenario will increase heating demand. Technical AnalysisNatural gas prices broke out to fresh 13-year highs and are poised to trend higher. Target resistance is seen near the July 2008 highs at 13.68. Support is seen near the 10-day moving average at 5.93. Short-term…

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Natural Gas Prices Break Out to Fresh Highs on Strong LNG Demand

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Natural gas prices hit a 13-year rising 5.5% on Monday after a 10% climb last week. Demand remains strong, but natural gas arrivals at LNG terminals were flat compared to Friday. On Monday, week over week, natural gas arrivals at LNG terminals were 4% higher. The weather is expected to be much colder than average in the mid-West over the next 6-10 days and moderating over the next 8-14 days but still colder than normal. This scenario will increase heating demand. Technical AnalysisNatural gas prices broke out to fresh 13-year…

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High gas price

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Energy prices have continuously been rising in Pakistan since 2018, with only one notable cut in March this year. Now the Sui Southern Gas Company has asked for a 45% raise from July 1 to overcome its revenue shortfall in the next fiscal year. OGRA held a public hearing last week to consider the different aspects of the prescribed price and its relation to the company’s revenues. The SSGC says a 45% hike in gas price is needed to meet its revenue shortfall of Rs88 billion. This is the side…

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Energy challenge: Reduced tariffs and Privatisation?

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Many economic observers lost sweat on the outgoing government’s relief package on electricity. The idea that the government made enough fiscal space for four months did not fly high with many. Now that the PTI is no more in power, what becomes of the relief package is the next big question. Answer to that will also depend on how long does the coalition want to run the government. If the plan is to simply introduce the electoral and accountability reforms, then there may be little to no tweaks. But if…

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