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Germanys DAX30 index closed up 287.71 points, or 1.20%, at 24,192.24 points on Thursday, August 7; the UKs FTSE 100 index closed down 63.14 points, or 0.69%, at 9,101.17 points on Thursday, August 7; Frances CAC40 index closed up 74.29 points, or 0.97%, at 7,709.32 points on Thursday; the Euro Stoxx 50 index closed up 72.06 points, or 1.37%, at 5,335.35 points on Thursday; Spains IBEX35 index closed up 166.50 points, or 1.15%, at 14,692.50 points on Thursday; and Italys FTSE MIB index closed up 411.27 points, or 1.00%, at 41,421.00 points on Thursday.The winning rate of the U.S. Treasury bond auction for the four weeks ending August 7 was 4.3%, compared with the previous value of 4.29%.The bid-to-cover ratio for the U.S. Treasury bond auction for the four weeks ending August 7 was 2.82, compared with 2.63 in the previous session.On August 7, Fed Chair Bostic said that risks in the job market have increased, but it is still too early to promise a rate cut. More data will be released before the next Fed meeting, and inflation is expected to continue to rise in the coming months. Bostic said he still believes that a 25 percentage point rate cut this year may be most appropriate, but "we will actually get a lot of data on inflation, as well as employment, which will make me think... the relative balance of risks between inflation and employment. The employment data does show that the risks on the employment side are much higher than before... I will definitely watch it carefully."The Federal Communications Commission (FCC) has released new rules for submarine cable licensing.

There Is No Longer an Overbought Condition for Natural Gas Prices, Which has Dropped Sharply

Drake Hampton

Apr 20, 2022 10:00

After hitting a 13-year high on Monday, natural gas prices plunged 8.5% on Tuesday. LNG demand remains strong, and natural gas arrivals at LNG terminals continue to climb. Natural gas demand is likely to rise in the coming two weeks due to colder-than-normal weather.

 

This week's LNG exports from the United States are down from the week before by four ships. Between April 7 and April 13, twenty LNG ships with a combined capacity of 75 Bcf left the United States, according to the EIA. Lower LNG exports this week were caused by bad weather in the Gulf of Mexico, which included high winds and waves of up to 7 feet and scheduled maintenance.

Technical Analysis

On Tuesday, the price of natural gas dropped. Support is expected near the 10-day moving average at 6.72. The 13.68 high from July 2008 serves as a target for resistance.

 

As the fast stochastic generated a crossover sell signal, the short-term momentum has reversed and become negative. Both the quick stochastic and the relative strength index have shown a decrease in price since reaching overbought levels.

 

In the medium term, the momentum has shifted in favor of the bulls. MACD histogram prints in the green zone with an upward sloping trajectory, suggesting that natural gas prices are on the rise beneath the surface.

 

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