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Hong Kong-listed AI application stocks showed mixed performance. Meitu (01357.HK) surged over 16%, Kingsoft Cloud (03896.HK) rose over 5%, and Zhixing Technology (01274.HK), Baidu (09888.HK), and Alibaba (09988.HK) all rose over 3%. Meanwhile, 51Vision (06651.HK) fell over 6%, Micro-Robotics (02252.HK) and MyFT (02556.HK) fell over 5.5%, and Xunze (03317.HK) fell over 4%.Hong Kong-listed mainland property stocks continued their upward trend during the session, with China Jinmao (00817.HK) and Yuexiu Property (00123.HK) both rising by more than 6%, Jianfa International Group (01908.HK) rising by more than 5.5%, and China Resources Land (01109.HK), China Overseas Land & Investment (00688.HK), Greentown China (03900.HK), Longfor Group (00960.HK), and many other stocks rising by more than 4%.The main contract for low-sulfur fuel oil (LU) surged 4.00% intraday, currently trading at 5294.00 yuan/ton.May 6 – Following fuel supply concerns in Australia stemming from the conflict with Iran, the country plans to include a A$10 billion (US$7.2 billion) fuel security and resilience plan in next weeks budget proposal. Australian Prime Minister Barnes stated that the plan will help build fuel and fertilizer reserves, including supporting the expansion of total diesel and aviation fuel reserves to a 50-day supply. He also indicated that the government itself will hold approximately 1 billion liters of fuel reserves. The Prime Minister and the Energy Minister discussed the plan after a national security meeting in Sydney. The Energy Minister stated that Australia has responded to the crisis and currently has more fuel reserves than at the start of the conflict with Iran. He said, "This marks a significant shift in our national response. We have been looking at how to better prepare for future shocks."On May 6th, analysts stated that gold futures prices rose as tensions in the Middle East eased. Vivek Dahl of the Commonwealth Bank of Australia noted in a research report that Trumps announcement of a temporary suspension of plans to provide safe passage for ships in the Strait of Hormuz eased tensions. Since gold prices hit an intraday high of $5,422 per ounce on March 2nd, gold futures have generally moved negatively correlated with the level of tension in the Middle East. Dahl added that the upward momentum in gold prices could be driven by several factors: hopes for a ceasefire in the Middle East, market pricing in interest rate cuts due to high energy prices dragging down global growth, and concerns about the independence of the Federal Reserve.

Warm Weather And Ample Supply Keep European Gas Prices Low

Charlie Brooks

Oct 25, 2022 14:18

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Due to forecasts of warmer-than-normal weather for the majority of the continent over the next week, European natural gas contracts fell further in early trading on Monday.


At 04:45 ET (08:45 GMT), the benchmark for northwest Europe, front-month Dutch TTF futures, were down more than 10% to 101.39 euros per megawatt-hour after starting at a four-month low of 100 EUR/MWh.


Meteorological forecasts indicate that continental Europe will enjoy temperatures 4 to 8 degrees Celsius above average this week, indicating decreased demand and permitting importers to continue injecting excess gas into storage.


A mild start to the winter heating season and strong purchases of liquefied natural gas on spot markets have allowed Europe to fill its storage facilities ahead of schedule, relieving the pressure generated by Russia's effective supply stop.


As of Sunday, EU storage facilities were filled to a level of 93,4 percent, with the continent's two major markets, Germany and Italy, displaying even greater levels.


As a result of the paucity of available storage, Saxo Bank analyst Ole Hansen cautioned on Twitter that a "short-term price fall" was possible.


Nevertheless, longer-term contracts indicate that the markets believe the current downturn to be temporary. The TTF price for the first quarter of the next year remains at 144.64 EUR/MWh, while the annual price for 2023 is 142.43 EUR/MWh. This reflects the risk that, if the situation in Ukraine continues, Europe will be without Russian gas for a full year in 2023, forcing it to make greater and more frequent spot market imports.


In addition, Alexander Stahel of the Swiss consultancy firm Burggraben noted, "LNG cargo owners are aware that winter is approaching." As a result, he noted, they are keeping LNG ships offshore, as opposed to routing them to other markets, as they wait for milder weather to improve demand and free up storage capacity. According to Stahel, this is substantially limiting the global market.

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