Natural gas prices are weakening fast

Analisi Giornaliera - 07/02/2020

Natural gas prices are almost 30% below


Austrian energy firm OMV's chief executive has stated that the market requires a boost of extremely cool climate to increase its values at a time of historically cheap natural gas prices. Rainer Seele the CEO of OMV stated on CNBC yesterday “Honestly speaking, if I have one wish, please send me an ice blizzard for the gas prices". His remarks appeared soon after the oil and gas association allowed more moderate commodity prices that had pressed gains in the final three months of 2019, indicating an industry-wide bias. Natural gas exchanged at approximately $1.85 BTU on Friday. It went up about 0.1% on the session. Natural gas is about 30% below where it traded in 2019 and down almost 15% since the beginning of 2020.

Dow gained more than 80 points

On Thursday US Stocks surged to their highest level following China's announcement that it will cut taxes on a few US goods. Solid corporate earnings outcomes and firm economic numbers further supported the major indexes. The Nasdaq Composite improved 0.7% to 9,572.14.

The Dow Jones Industrial Average finished at 29,379.76. The S&P 500 too rose 0.3% to close at 3,345.76.


Gold seen stronger

On Friday the famous safe-haven Gold went higher while concerns covering a fast-spreading coronavirus outbreak and its economic influence supported safe-haven investing. Nevertheless, China’s move to lower rates on some US imports that sent global stock markets higher in the previous trading session counterbalanced Gold prices. Spot gold moved up 0.1% to $1,568.75 per ounce. US gold futures were even at $1,570.69.


Oil extends its gains following Russia’s support of cuts

On Friday Oil increased following Russia’s announced that it supports a proposal by OPEC and its producer partners to extend output cuts in order to stop the low demand for oil while China battles the coronavirus disease that has hammered global markets. US West Texas Intermediate (WTI) crude futures went up 26 cents to $51.2 a barrel, Brent crude futures rose 32 cents to $55.24 a barrel but fell yesterday by 0.6%.


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