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On July 25, Wang Yi stated that China-Pakistan relations have always been at the forefront of the times. Both sides should jointly implement the important consensus reached by the leaders of the two countries, actively promote exchanges at all levels and cooperation in all fields, and accelerate the building of a closer China-Pakistan community with a shared future. China highly appreciates Pakistans key role in the memorandum of understanding reached between Iran and the United States and will continue to fully support Pakistans mediation efforts to promote a return to dialogue and negotiations among all parties and achieve a lasting cessation of hostilities. China is willing to strengthen cooperation with Pakistan in multilateral platforms such as the Shanghai Cooperation Organisation and the United Nations to safeguard the common interests of both countries and the legitimate rights and interests of the global South. Dar stated that it is essential for Pakistan and China to maintain communication and coordination on all occasions. The current sudden escalation of the situation in the Middle East and the Gulf is not in the interest of any party. Pakistan is willing to continue its peace mediation efforts and thanks China for its consistent support and assistance. Pakistan is willing to strengthen cooperation with China within multilateral frameworks such as the Shanghai Cooperation Organisation and China-Pakistan-Bangladesh cooperation to make due contributions to maintaining regional peace, stability, and development.The total number of oil rigs in the United States for the week ending July 24 will be released in ten minutes.The total number of oil rigs in the United States for the week ending July 24 will be released in ten minutes.On July 25th, Qualcomm, one of the worlds largest smartphone processor manufacturers, informed customers that it will have to raise product prices by a double-digit percentage due to rising costs. According to a document cited by foreign media, Qualcomm sent a price increase notice to customers on Friday. Qualcomm stated that the price increase will apply to products shipped after September 1st. The company stated that its ability to absorb increased supplier costs has been exhausted, and it has been exploring alternative component sources.On July 25, the U.S. Embassy in Israel issued a security warning on July 24, local time, reminding U.S. citizens in the region to prepare for potential emergencies due to the continued tensions in the Middle East. The embassy stated that the current regional security environment is complex, with a potential risk of sudden escalation. The embassy urged U.S. citizens to remain vigilant and cautious to be prepared for possible flight cancellations, airspace closures, and other transportation disruptions.

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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