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On August 15th, South Koreas Ministry of Industry announced on Saturday that it had dismissed its chief trade negotiator, without disclosing the specific reasons. Trade Minister Yeo Han-koo, who had previously served as South Koreas chief trade envoy, traveled to Washington multiple times this year to hold talks with the US government and members of Congress on issues related to tariffs, semiconductor measures, and digital policy. The Ministry of Industry stated that personnel decisions involving political appointments fall under the presidents authority and that it will strive to ensure that current trade affairs are not affected. No successor has yet been appointed.On August 15th, construction workers discovered over 50 unexploded ordnance believed to be from World War II in downtown Warsaw, Poland, on August 13th. Approximately 4,000 people were evacuated. The ordnance has since been cleared. According to Polish sources on August 14th, construction workers discovered the unexploded ordnance while carrying out earthworks near the intersection of Grzybłowska Street and Želazna Street on August 13th. Bomb disposal experts arrived at the scene on August 14th, evacuating residents from eight nearby buildings and prohibiting pedestrian and vehicular traffic within a 400-meter radius of the discovery site. The bomb disposal operation concluded that afternoon. It is reported that two other World War II-era explosive devices were discovered in downtown Warsaw last week.On August 15th, Iranian Foreign Minister Araqchi stated in a media interview on August 14th that while mediators Qatar and Pakistan are exchanging information and maintaining contact with Iran, this does not signify ongoing negotiations. Iran has not yet decided whether to resume negotiations with the United States. Araqchi also stated that negotiations between Iran and Oman are ongoing and relate to determining the navigation routes through the Strait of Hormuz for ship passage; this is a completely different issue from the opening of the Strait of Hormuz. Araqchi emphasized that Iran will only restore passage through the Strait of Hormuz if the United States complies with certain conditions.August 15th - According to real-time data from Lighthouse Pro, as of 12:22 PM on August 15th, the film "Welcome to Dragon Restaurant" has surpassed 600 million yuan at the box office.August 15th - According to the New York Times, supply problems for the USS Abraham Lincoln aircraft carrier began shortly after the first day of the war – when Iranian missiles and attack drones struck a US Navy base in Bahrain. This attack was Iranian retaliation for the US-Israel joint attack on Tehran, and much of the bases infrastructure was destroyed. Along with the smoke, a major logistics hub upon which the Navy relied was also destroyed. The Navy urgently needed backup plans to continue supplying sailors operating around the clock to maintain air support and, later, to maintain the blockade of Iranian ports. The loss of the Bahrain logistics hub led to numerous problem reports on the carrier supporting the war effort against Iran, and Democratic senators expressed concern about the 5,000 sailors on the Lincoln and its nearly nine-month deployment.

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%.