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On October 5th, local time, Russian President Vladimir Putin stated on a Russian media program that if the United States provides Ukraine with long-range and precision strike weapons and equipment, including Tomahawk missiles, it will destroy the positive momentum that has emerged in Russian-US relations. When asked whether he expects European leaders to pay attention to the signals he recently sent at the annual meeting of the Valdai International Discussion Club, Putin also stated that he never aims to please others, but only states the facts truthfully, and that subsequent developments depend on the positions of those he addresses.On October 5th, local time, Iranian Foreign Minister Araghchi announced that the Cairo Agreement can no longer serve as the basis for Irans cooperation with the International Atomic Energy Agency (IAEA), and that Iran will announce new cooperation arrangements with the agency. Araghchi said, "New decisions must be made under the current circumstances. In my opinion, the Cairo Agreement is no longer applicable to the status quo." Araghchi emphasized that practice has proven that there is no alternative to diplomacy and negotiation in addressing Irans nuclear program.On October 5th, OPEC+ representatives stated that the group was close to reaching a principle agreement on another small production increase in November, continuing its efforts to regain market share in the global oil market. Delegates revealed ahead of a Sunday video conference that major member countries were expected to approve a production increase of 137,000 barrels per day, the same as the planned increase this month. Oil prices traded near a four-year low on Friday, a reminder that OPEC and its allies must strike a careful balance when restoring previously suspended production to an oversupplied market.Sources said that before the meeting, OPEC+ countries had reached an agreement in principle to increase oil production by 137,000 barrels per day in November.Russian Ministry of Defense: Russian forces launched a large-scale attack on Ukraines military industry and gas and energy infrastructure.

There Is No Longer an Overbought Condition for Natural Gas Prices, Which has Dropped Sharply

Drake Hampton

Apr 20, 2022 10:00

After hitting a 13-year high on Monday, natural gas prices plunged 8.5% on Tuesday. LNG demand remains strong, and natural gas arrivals at LNG terminals continue to climb. Natural gas demand is likely to rise in the coming two weeks due to colder-than-normal weather.

 

This week's LNG exports from the United States are down from the week before by four ships. Between April 7 and April 13, twenty LNG ships with a combined capacity of 75 Bcf left the United States, according to the EIA. Lower LNG exports this week were caused by bad weather in the Gulf of Mexico, which included high winds and waves of up to 7 feet and scheduled maintenance.

Technical Analysis

On Tuesday, the price of natural gas dropped. Support is expected near the 10-day moving average at 6.72. The 13.68 high from July 2008 serves as a target for resistance.

 

As the fast stochastic generated a crossover sell signal, the short-term momentum has reversed and become negative. Both the quick stochastic and the relative strength index have shown a decrease in price since reaching overbought levels.

 

In the medium term, the momentum has shifted in favor of the bulls. MACD histogram prints in the green zone with an upward sloping trajectory, suggesting that natural gas prices are on the rise beneath the surface.

 

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