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June 21 (Observer) – British Prime Minister Keir Starmer is expected to resign and announce his departure timetable next Monday, but a government source says Starmer remains focused on his duties. Pressure on Starmers position has been mounting for months and intensified significantly on Friday after his political rival, Andy Burnham, won a seat in Parliament, enabling him to launch a formal leadership challenge. The Observer reports that Starmer is discussing the matter with his wife at his country residence, Chequers, and has not yet made a final decision, but several senior Labour Party members expect him to make a clear statement on his future as early as Monday. However, government sources emphasize that Starmer remains focused on fulfilling his duties as Prime Minister, citing his previous statements as evidence. More than 100 Labour MPs have publicly stated their desire for Starmer to resign or set a clear departure timetable, representing about a quarter of Labour MPs in the House of Commons.According to Reuters, British government sources say that Prime Minister Starmer is focused on fulfilling his duties.June 21st - According to the British newspaper *The Observer*, British Prime Minister Keir Starmer is preparing a timetable for his departure. This comes after Andy Burnham, who suffered a major defeat to the Reform Party in the Greater Manchester by-election and is scheduled to be sworn in as a Member of Parliament next Monday. His supporters claim that if Starmer does not resign, Burnham has secured the support of over 201 Labour MPs to challenge him for leadership. This number exceeds half of the Labour Party in Parliament, meaning Starmer can no longer demonstrate his confidence in the House of Commons to the King. It is reported that after several rounds of discussions with cabinet ministers, Downing Street advisors, union leaders, and party donors, Starmer has concluded that his position in power is no longer secure. Senior Labour figures believe that Starmer may issue a "clear statement" as early as Monday. A Labour MP close to Starmer said: “He has come to terms with reality. As he said, preventing ‘chaos’ is no longer possible by staying in office, so there is only one option left. I think he has seen it as a responsible choice for the country and the party.” Another senior Labour figure said that Starmer now appears to have “accepted” the reality of his resignation.June 21 – It was learned from Iran on the 21st that the Iranian negotiating delegation has arrived in Zurich, Switzerland. The Swiss Foreign Ministry also confirmed the arrival of the Iranian delegation. The Swiss Foreign Ministry stated on social media that it welcomed the Iranian delegations arrival in Switzerland, and that the delegation is en route to Bürgenberg as part of implementing the memorandum of understanding signed between the United States and Iran.On June 21, a symposium on the 9th China International Import Expo (CIIE) was held in Oslo, Norway, with representatives from approximately 40 Norwegian companies and institutions in attendance. Norwegian participants stated that all sectors in Norway highly value economic and trade cooperation with China. The CIIE, as a high-level platform for opening up to the outside world, provides Norwegian companies with a practical and efficient path to promote high-quality products, cutting-edge technologies, and professional services, and to cultivate the Chinese market. Norway will continue to pool resources and actively mobilize various Norwegian companies to participate in the CIIE, further strengthening the mutually beneficial ties between China and Norway and improving the quality and efficiency of bilateral trade cooperation.

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%.