The natural gas future price found support afternoon in Monday and reached 2.672 as a highest price after falling from the opening point at 2.628 to 2.611 as the lowest price for today.
But in the weekly chart we can see that it is near 7-week low and the, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.
On the New York Mercantile Exchange, for delivery in May hit a session low of $2.611 per million British thermal units, a level not seen since February 9, before recovering to trade at $2.647 during U.S. morning hours, up 0.8 cents, or 0.3%.
On Friday, the May natural gas contract declined 4.9 cents, or 1.82%, to settle at $2.639. Futures were likely to find support at $2.595, the low from February 9, and resistance at $2.775, the high from March 26.
Natural gas prices lost 9.9 cents, or 5.85%, last week. Prices are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed and below-normal temperatures in March and April mean less than they do in January and February.
Updated weather forecasting models for the lower 48 U.S. states showed that temperatures will remain near-normal over the next two weeks.
Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Approximately 49% of U.S. households use natural gas for heating, according to the Energy Department.
Indications that supplies are more than ample to meet demand also weighed.
Total U.S. natural gas storage stood at 1.479 trillion cubic feet as of last week, 63.6% above year-ago levels and 11.6% below the five-year average for this time of year.
Last spring, supplies were 55% below the five-year average, indicating producers have made up for most of last winter’s unusually strong demand.
The Energy Information Administration’s next storage report slated for release on April 2 is expected to show a build of approximately 16 billion cubic feet for the week ending March 27.
Supplies fell by 71 billion cubic feet in the same week last year, while the five-year average change is a decline of 22 billion cubic feet.
Oil prices fell globally in Friday with the sight of hope that Iran may back to the arena and directly exported oil was close with the progress of talks on its nuclear program with the United States, Also investors’ fears of the ongoing conflict in Yemen and its effects on oil supplies from the Persian Gulf.
In additionm, the postivie news that came from the Libyan government to the move back of the previous government forces from some oil ports, which refers to the re-opened again.
But prices were still headed for their second straight week of gains. was on track for its best week since 2011, reflecting the ground made by market bulls from six-year lows hit earlier this month.
Benchmark and U.S. crude were down about 3 percent in New York because of reduced threats to Middle East oil facilities and traffic from the Saudi-led air strikes in Yemen.
Brent showed a $1.60 decline at $57.59 a barrel by 1:14 p.m. EDT (1714 GMT). U.S. crude slid $1.65 to $49.78.
For the week, Brent was up more than 4 percent, while U.S. crude was almost 9 percent higher, accounting from gains in earlier sessions.
Prices rose about 5 percent on Thursday alone on fears that the conflict in Yemen could disrupt cargoes on the neighboring Bab el-Mandeb Strait, where 3.8 million bpd of crude and oil products flow.
Analysts said the market had also been less concerned lately with the growing oversupply in oil, although Friday’s data showing the smallest weekly drop since December in the U.S. rig count could reinforce those worries.
Since oil began collapsing from last summer’s highs above $100 a barrel, the rig count has been an important indicator of how much the industry was willing to cut future supply to boost prices.
BMW will put on the market the friendly environment its electric car BMWi3
BMW launched the i3 last year as part of its electric range of cars. (They’re the ones with “i” in the name—i stands for “innovation.”) The $140,000 i8 supercar is the cool onethat looks like a spaceship. The $45,200 i3 is the sidekick. Compare it against the Nissan Leaf, the Smart Fortwo, or the upcoming hybrid Mini. Do not compare it to, say, a Tesla S, even though both use electric technology. The Model S is a proper luxury sedan. It’s faster, more powerful, more expensive, and much better-looking.
This one is better used to augment a garage already well-stocked with conventional models. It’s a Sunday drive-rather-than-weekend road trip proposition.
The version above is 170-hp motor and range-extending two-cylinder rear-wheel-drive engine. It takes about 20 hours to charge unless you buy the quick-charge system BMW also sells, which fills it in fewer than four.
To read more, click here>
For the second day in a row, the gold price rose up in the market taking advantage of the weak U.S. dollar, as the USD made a strong comeback from the post-FOMC sell-off. Gold could extend gains further if the stock markets in the US extend the slide.
On the Comex division of the New York Mercantile Exchange, for April deliveries rose $16.20 or 1.41% to 1,167.50 a troy ounce. Earlier in Asian trading, gold prices increased by more than $20 to reach a daily-high of $1,177 as Asian traders had the first opportunity to react to Ms. Yellen’s highly-anticipated statement.
On Wednesday gold futures also gained more than $15 an ounce, days after prices dipped near $1,150 in anticipation of a rate hike by the Fed.
Although the Federal Open Market Committee removed a reference to remaining patient from its minutes on Wednesday, Yellen insisted that it does not mean that the Fed will raise interest rates by June at the earliest. On the contrary, Yellen asserted that the timing of the decision will be “data dependent,” as the Fed considers indicators such as GDP growth, wage increases and inflation.
Yellen also appeared to strike a dovish tone with forecasts for weaker inflation and GDP growth. The Fed expects Real GDP to grow between 2.1 and 3.1% for the remainder of 2015, a figure significantly below previous estimates. In terms of inflation, the Fed anticipates that it will reach a level of 0.6% to 0.8% in 2015 and 1.7% to 1.9% in 2016. Last month in testimony before Congress, Yellen said that the Fed wanted to see inflation move toward its target goal of 2% before it raised interest rates.
The price of gold typically remains higher in periods of low interest rates, as the precious metal struggles to compete with high-yield assets.
The Crude Oil price was consolidate today whe it is opened at 46.15$ for barrel and rose up to 47.16$ the fell to 45.10$ by the end of the day, Currently trade at 46.11$ near to opening price.
Also, Investing.com posted today that Crude oil prices fell precipitously on Monday, as Opec trimmed its demand forecasts for its own oil and hinted that production levels of U.S. crude might not level off until year’s end.
In its monthly report released on Monday, Opec forecast that global demand for its crude oil will decrease to 29.19 million barrels per day – down slightly from its previous estimates by 100,000 barrels. Similarly, Opec’s forecast only accounted for modest increases in global oil demands revising previous estimates upward by an average of 1.17 million barrels per day to 92.37.
On the Intercontinental Exchange (ICE), for April deliveries plunged 2.36% or 1.29 to 53.38 a barrel. Prices rebounded in U.S. afternoon trading hours after reaching a daily low of 52.65 hours earlier.
On the New York Mercantile Exchange, meanwhile, April deliveries of plummeted 2.23% or 1.00 to 43.84 a barrel. WTI crude futures dipped below $43 a barrel in early trading to reach a six-year low of $42.85. When adjusted for inflation to 2009 levels, prices were valued at roughly $3 lower.
To read more, click here.