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On October 5th, local time, Russian President Vladimir Putin stated on a Russian media program that if the United States provides Ukraine with long-range and precision strike weapons and equipment, including Tomahawk missiles, it will destroy the positive momentum that has emerged in Russian-US relations. When asked whether he expects European leaders to pay attention to the signals he recently sent at the annual meeting of the Valdai International Discussion Club, Putin also stated that he never aims to please others, but only states the facts truthfully, and that subsequent developments depend on the positions of those he addresses.On October 5th, local time, Iranian Foreign Minister Araghchi announced that the Cairo Agreement can no longer serve as the basis for Irans cooperation with the International Atomic Energy Agency (IAEA), and that Iran will announce new cooperation arrangements with the agency. Araghchi said, "New decisions must be made under the current circumstances. In my opinion, the Cairo Agreement is no longer applicable to the status quo." Araghchi emphasized that practice has proven that there is no alternative to diplomacy and negotiation in addressing Irans nuclear program.On October 5th, OPEC+ representatives stated that the group was close to reaching a principle agreement on another small production increase in November, continuing its efforts to regain market share in the global oil market. Delegates revealed ahead of a Sunday video conference that major member countries were expected to approve a production increase of 137,000 barrels per day, the same as the planned increase this month. Oil prices traded near a four-year low on Friday, a reminder that OPEC and its allies must strike a careful balance when restoring previously suspended production to an oversupplied market.Sources said that before the meeting, OPEC+ countries had reached an agreement in principle to increase oil production by 137,000 barrels per day in November.Russian Ministry of Defense: Russian forces launched a large-scale attack on Ukraines military industry and gas and energy infrastructure.

Natural Gas Production Increases, but Prices Are Excessively High

Larissa Barlow

Apr 19, 2022 09:34

Natural gas prices have increased significantly. Deliveries of natural gas to LNG export facilities continued to increase. European sanctions against Russia increase the attractiveness of US gas.

 

Natural gas prices surged above $8 per MMBtu on Monday, capturing the attention of business channels. Prices of natural gas hit a 13-year high and closed near the day's highs. LNG demand continues to be high, as natural gas arrivals at LNG terminals increased to 12.74 billion cubic feet per day.

 

According to the National Oceanic and Atmospheric Administration, the weather on the East Coast is forecast to be warmer than typical. The temperature will then begin to fall over the next 8-14 days.

Technical Evaluation

Prices of natural gas jumped beyond $8 and were up 10% intraday, reaching a 13-year high. Prices increased by roughly 16% last week. Near the July 2008 highs of 13.68, the target resistance is visible. At 6.37, support is located near the 10-day moving average. The entire curve through 2022 is presently approaching $8 per MMBtu.

 

The short-term momentum has shifted to the upside after the fast stochastic generated a crossing buy signal. Prices are excessively high. The fast stochastic is printing a reading of 95, over the overbought threshold of 80. Additionally, the RSI is reading 87, which is higher than the overbought trigger threshold of 70.

 

The medium-term trend has shifted to the positive. The MACD (moving average convergence divergence) histogram is in positive territory with an upward sloping trend, indicating that the underlying price of natural gas is accelerating.

 

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