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On September 13, Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein spoke by phone with Iranian Foreign Minister Araqchi on September 12, local time. According to the Iraqi Foreign Ministry, the two sides discussed the reasons for Iraqs recent temporary closure of some border crossings with Iran and the subsequent arrangements, and exchanged views on the attacks on Saudi Arabia and the progress of related investigations. They also discussed a regional conference planned for Oman. Member states of the Gulf Cooperation Council, Iraq, and Iran will participate, focusing on issues related to the Strait of Hormuz. Hussein stated that Iraq supports holding the conference and will send a delegation. The two sides also exchanged views on the situation in Yemen and expressed their commitment to easing regional tensions through dialogue and negotiation.On September 13, local time, Houthi military spokesman Yahya stated that in response to Saudi Arabias continued military operation in Yemen, the Houthi rebels launched a military operation, striking an weapons depot at a military base in Saudi Arabias Shahrala region, as well as the command and control center responsible for directing and coordinating military operations against Yemen and its people. Yahya said the operation used a large number of ballistic missiles and drones, and the target was "precisely and directly struck." He warned that if Saudi Arabia continues its military operation in Yemen, the Houthi forces will launch larger-scale and more intense military operations against targets deep within Saudi territory, and Saudi Arabia will bear serious consequences.On September 13, the Prime Minister of Qatar and the Deputy Prime Minister and Foreign Minister of Jordan discussed diplomatic efforts to "de-escalate tensions and promote security and stability." Both sides stated that Qatar supports all efforts aimed at "reaching a solution that ensures freedom of navigation at sea and paving the way for a comprehensive agreement that achieves lasting peace in the region." They also discussed ways to support and strengthen bilateral cooperation.On September 13, the Saudi Civil Defense Agency issued a statement on the evening of the 12th, saying that the Tuwar district of Jazan province in Saudi Arabia was attacked by Yemeni Houthi rebels that day, resulting in two injuries and damage to several buildings and vehicles. The Saudi Civil Defense Agency stated that the attack on civilian targets was a blatant violation of international humanitarian law, and that the incident had been handled according to established procedures. On the same day, the Yemeni Houthi rebels said that Saudi warplanes had conducted 129 airstrikes on seven provinces in Yemen in the past 48 hours. The group warned that these airstrikes "will not go unpunished."On September 13th, Tesla announced a press conference scheduled for October 1st to showcase its next-generation Roadster electric sports car. This highly anticipated fall event for Tesla fans may further fuel speculation about a potential merger between Tesla and SpaceX. Teslas official social media accounts used the phrase "Go for launch," echoing SpaceXs rocket launches, and Tesla has previously used live events to generate excitement among customers and investors. The launch of the second-generation Roadster has been delayed multiple times. In its recent earnings presentation, Tesla stated that the Roadster is still in the "design and development" phase. During Teslas first-quarter earnings call in April, Musk said of the Roadster, "I think it could be one of the most amazing presentations ever."

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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