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On August 21, Iranian Parliament Speaker Ghalibaf stated, "Just as Iran and Iraq defeated the United States in war and made it taste a crushing defeat, the two countries will continue to stand at the forefront of confronting hegemony, and this path will continue."On August 21st, it was learned from the National Standardization Administration that my countrys proposed international standard, "Application Guidelines, Test Items and Conditions for Solid-State Rechargeable Lithium-ion Batteries for Electric Vehicle Drive," has recently been successfully approved by the International Electrotechnical Commission (IEC). This standard is the worlds first international standard in the field of solid-state batteries. Solid-state batteries are considered an important development direction for next-generation lithium-ion batteries. Compared with traditional liquid batteries, they offer longer range, higher safety, and more stable performance. This international standard, building upon my countrys accumulated experience in solid-state battery research and development, will clearly define the testing specifications for solid-state batteries. This international standard will provide a unified "benchmark" for global automakers in the research and production of solid-state batteries, helping to accelerate the adoption of safer, longer-range electric vehicles and promoting the rapid development of the new energy industry.August 21 – According to Irans Mehr News Agency, Major General Abdullahhi, Chief of the General Staff of the Iranian Armed Forces, stated: "The achievements of the Ministry of Defense over the past few years have transcended military equipment production itself; they represent a deterrent revolution in the defense industry. The Iranian Armed Forces are fully, intelligently, and modernly prepared in all domains, including land, sea, air, air defense, space, and cyberspace, and will respond to any miscalculation by the enemy, as well as traditional and new threats, with a revolutionary, forceful, and devastating response that will leave the adversary regretting."August 21 – German business activity expanded slightly in August, with a rebound in manufacturing offsetting a faster decline in service sector activity. S&P Global Germanys composite PMI fell to 51.0 in August from 51.3 in July, while economists had predicted a reading of 51.3, unchanged from the previous month. The manufacturing PMI rose to 54.1 from 52.2 in the previous month, a 51-month high. Service sector activity weakened further, with the services PMI falling to 48.5 from 49.8, a three-month low and marking the fifth consecutive month of decline, the fastest drop since May. Phil Smith, deputy director of economics at S&P Global Market Intelligence, said, "The manufacturing recovery has regained momentum after showing signs of stalling in the second quarter. Although the service sector continues to drag on economic growth, new business rebounded slightly for the second consecutive month, and employment in the sector rose again, suggesting that the economic situation may soon improve."The Chief of Staff of the Iranian Armed Forces stated: "We will respond to any miscalculation by our adversaries, as well as traditional and new threats, with a revolutionary, tough, regrettable, and devastating response."

Natural Gas Price News: XNG/USD prompts a three-day recovery near the monthly apex near $2.50 due to the strengthening of the US Dollar

Daniel Rogers

Apr 19, 2023 15:46

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During the early hours of Wednesday morning in Europe, the price of natural gas (XNG / USD) reverses course from its greatest levels in a month to post modest losses of approximately $2.51. As a result, the energy instrument breaks a three-day winning stretch amid negative sentiment and the most recent dollar recovery.

 

Recent news articles concerning the US House China Committee's discussion of the Taiwan invasion scenario and a likely delay on the US debt ceiling decision appear to have agitated the risk profile. Recent unfavorable US data and hawkish Fed forecasts may be on the same trajectory. It should be noted that a divided earnings season influences sentiment and the price of Natural Gas.

 

In addition, Bloomberg released news indicating China's involvement in the Russia-Ukraine conflict, which, along with US President Joe Biden's reluctance to negotiate the debt limit, weighed on sentiment.

 

The recent decline in the XNG/USD price appears to be the result of a combination of factors, including reports that the United Kingdom has sufficient natural gas supplies to last through the winter and concerns about the likelihood of milder weather in the West. The Financial Times (FT) may have reported similar information: "The EU is storing record amounts of natural gas after a milder-than-expected winter, bolstering hopes that the bloc can wean itself off imports from Russia." According to the industry group Gas Infrastructure Europe, the bloc's storage capacity reached 55.7% at the beginning of the month, the highest level for early April since at least 2011.

 

In spite of this, the US Dollar Index (DXY) reverses its previous recovery from a one-year low and gains offers to 101.80 at the latest.

 

The previous day, the dollar index versus six main currencies reversed course in response to declining yields. In spite of this, US 10-year and 2-year Treasury bond coupons declined for the first time in four days by the end of Tuesday, hovering around 3.59 and 4.29 percent at the time of publication.

 

As a result of these trades, S&P 500 Futures have retreated from their greatest levels since early February, which were recorded the day before, and are currently trading near 4,178. Notable is the fact that the US stock futures ended their two-day winning trend with the most recent inactivity.

 

The news surrounding China and the US Federal Reserve (Fed), as well as the Fed Beige Book, can occupy Natural Gas traders until Thursday's release of weekly inventory data from the US Energy Information Administration (EIA).