The West Texas Intermediate Crude Oil market has fallen during the trading session to threaten the uptrend line that we have been paying so much attention to most of this year. At this point, the market is solidly below the 50 Day EMA, so therefore short-term momentum is definitely swinging to the downside. Because of this, it is very likely…
Read More
to Friday. On Monday, week over week, natural gas arrivals at LNG terminals were 4% higher. The weather is expected to be much colder than average in the mid-West over the next 6-10 days and moderating over the next 8-14 days but still colder than normal. This scenario will increase heating demand. Technical AnalysisNatural gas prices broke out to fresh…
Read More
Natural gas prices hit a 13-year rising 5.5% on Monday after a 10% climb last week. Demand remains strong, but natural gas arrivals at LNG terminals were flat compared to Friday. On Monday, week over week, natural gas arrivals at LNG terminals were 4% higher. The weather is expected to be much colder than average in the mid-West over the…
Read More
Energy prices have continuously been rising in Pakistan since 2018, with only one notable cut in March this year. Now the Sui Southern Gas Company has asked for a 45% raise from July 1 to overcome its revenue shortfall in the next fiscal year. OGRA held a public hearing last week to consider the different aspects of the prescribed price…
Read More
Many economic observers lost sweat on the outgoing government’s relief package on electricity. The idea that the government made enough fiscal space for four months did not fly high with many. Now that the PTI is no more in power, what becomes of the relief package is the next big question. Answer to that will also depend on how long…
Read More
Bolstered by developments on the political front and positive market sentiment, Pakistan’s rupee registered another significant gain against the US dollar, appreciating 0.96% in the inter-bank on Monday. As per the State Bank of Pakistan (SBP), the rupee closed at 182.93 after a day-on-day appreciation of Rs1.75 or 0.96%. On Friday, the local currency recorded its biggest increase on a…
Read More
There’s been a “significant uptick” in Russian oil deliveries bound for India since March after Russia’s invasion of Ukraine began — and New Delhi looks set to buy even more cheap oil from Moscow, industry observers say. China, already the largest single buyer of Russian oil, is also widely expected to buy more oil from Russia at deep discounts, they…
Read More
Crisis-stricken Sri Lanka defaulted on its $51 billion external debt on Tuesday, calling the move a “last resort” after running out of foreign exchange to import desperately needed goods. The island nation is grappling with its worst economic downturn since independence, with regular blackouts and acute shortages of food and fuel. Sri Lanka’s finance ministry said in a statement that…
Read More
Pakistan’s top central banker pledged policy actions “on a timely basis” to ensure stability amid a political shakeup and deteriorating economy.The comments Monday from State Bank of Pakistan Governor Reza Baqir come as lawmakers are set to choose Shehbaz Sharif as prime minister after Imran Khan was ousted in a no-confidence vote. Khan’s downfall was accelerated by inflation running faster…
Read More
Pakistan is not the only country in the region going through political turmoil. Sri Lanka, too, is facing a political impasse. Last week, all 26 members of the Sri Lankan cabinet (including the brother and nephew of President Gotabaya Rajapaksa) resigned en-masse amidst widespread protests in the country over the state of the economy. Mr Rajapaksa’s government no longer enjoys…
Read More
