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On Monday, August 24, the Hang Seng Index opened down 229.34 points, or 0.88%, at 25,780.12; the Hang Seng Tech Index opened down 53.0 points, or 1.11%, at 4,713.16; the H-share Index opened down 84.99 points, or 0.98%, at 8,549.35; and the Red Chip Index opened down 4.37 points, or 0.1%, at 4,287.98.Hong Kong stocks opened lower, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 1.11%; Alibaba (09988.HK) opened down 8.05% after announcing a proposed placement of HK$80 billion in new shares.On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.On August 24, SoftBank Group announced plans to issue a record 1 trillion yen (approximately $6.3 billion) in retail bonds to fulfill its investment commitment to OpenAI. According to company filings, the 7-year bonds are expected to be priced on September 4, with an initial coupon rate range of 4.3% to 4.9%. This issuance comes as SoftBank has committed to investing over $60 billion in OpenAI and has been raising funds to support this investment. As demand for AI tools and services from OpenAI and other hyperscale cloud providers continues to grow, SoftBank is accelerating its data center investments to expand computing power. This will be SoftBanks third bond issuance to retail investors this year, following a 418 billion yen issuance in April and a 260 billion yen issuance in June.August 24 - According to Iranian media reports, Iranian Oil Minister Mohsen Paknejhad announced on the 23rd that Iran has discovered a new gas field in the southern Fars province with natural gas reserves exceeding 7.5 trillion cubic feet (approximately 212.4 billion cubic meters), of which approximately 5.7 trillion cubic feet (approximately 161.4 billion cubic meters) are recoverable.

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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