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June 5th - According to shipping data and analysts, Irans crude oil and condensate exports in May fell to their lowest level in at least six years, with daily exports well below 300,000 barrels, due to the US naval blockade. Data from Vortexa shows that Irans exports averaged approximately 209,000 barrels per day in May, a significant drop from 1.34 million barrels in April and nearly 1.9 million barrels in March, marking the lowest level since the end of 2019 and the beginning of 2020. Vortexa analyst Claire Jungman stated, "Key drivers appear to include the volatile situation around the Strait of Hormuz, the US naval blockade of ships entering and leaving Iranian ports, and a general reluctance among shipowners, shipping companies, insurance companies, and trading partners to expose ships and crew to the current security environment." Data from another agency, Kpler, shows a similar decline, but it slightly revised its May export figures upward to 260,000 barrels per day, still the lowest level in six years.Russian President Vladimir Putin: I hope that all parties to the conflict in Iran can find a solution.Russian President Vladimir Putin: US President Donald Trumps peace proposals could serve as the basis for a peace agreement with Ukraine. He still needs to persuade Ukraine.According to Al Jazeera: U.S. officials said the ceasefire agreement with Iran remains in effect, but the U.S. will continue to protect its troops and maintain blockades on Iranian ports.Russian President Vladimir Putin: Trump is sincerely seeking a solution to the Ukraine crisis.

Natural Gas prices fall below $2.70 despite USD Index attempts to recover, and demand concerns grow

Alina Haynes

Mar 14, 2023 13:12

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After a perpendicular recovery to close to $2.70 in the Asian session, Natural Gas futures have turned sideways. Weakness in the US Dollar Index (DXY), in general, has aided the upward bias in natural gas prices. Natural Gas futures appear vulnerable near $2.70 as the USD Index has demonstrated a recovery move to near 103.90 as investors become anxious ahead of the release of the United States Consumer Price Index (CPI) data.

 

The Federal Reserve's decision to raise interest rates is anticipated to have a negative impact on industrial demand for natural gas (Fed). The market anticipates that Fed chair Jerome Powell's scheduled rate hikes will lead to a recession in the near future.

 

Meanwhile, Winter is nearing its conclusion and summer has not yet arrived. Consequently, demand for residential purposes to heat domestic spaces will remain low. Additionally, because residences will require less electricity to operate air conditioners, power companies are less reliant on natural gas.

 

The recent decline in the USD Index is what has given Natural Gas prices new life. The US Energy Information Administration's (EIA) inventory data, which is released every Thursday, will dominate this week's trading in Natural Gas futures.

 

Going forward, investors eagerly anticipate the publication of US inflation data in order to form a new consensus. According to the projections, the headline CPI could fall to 6.0% from the previous release of 6.4%. And, core inflation, which excludes crude and food prices, is anticipated to decrease slightly to 5.5% from the previous release of 5.6%.

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