Source: FX Empire
Security & Justice
State Action Signals Change in Tackling Longstanding Illegal Land Grabs in Jbeil District
For years, the serene villages of Jbeil's highlands have been far from peaceful. Ghabat, a Maronite village nestled between the predominantly Shiite towns of Afqa and Lassa, has become a focal point of growing tensions due to territorial disputes.
Friday, December 20, 2024
Mawlawi Ensures Strict Monitoring for Wanted Syrian Regime Figures at Beirut Airport
Caretaker Minister of Interior, Bassam Mawlawi, conducted an inspection tour of Rafic Hariri International Airport in Beirut to review the security arrangements and measures implemented by the Airport Security Apparatus ahead of the holiday season.
Thursday, December 19, 2024
Opinion
Lebanon After the Assads
The United States has important equities in Lebanon, including a desire for a generally friendly government’s economic and political stability; security cooperation; long-standing relations with the large Christian community in Lebanon and Lebanese diaspora in the United States; and ultimately peace between Israel and Lebanon within a broader regional settlement. Achieving these objectives will require navigating a tumultuous period in the country’s history following a war between Hezbollah and Israel that has devastated a large part of the country, exacerbating Lebanon’s already challenging economic conditions. But perhaps the most important dynamic will be how a likely Sunni-dominated state of uncertain composition in Syria will differ in its intentions toward Lebanon from the previous Alawite-led minoritarian Assad regime.
Thursday, December 19, 2024
Europe’s Syrian Dilemma
The news of the sudden and unexpected demise of Bashar al-Assad’s regime in Syria has met a mixed response in Europe. The jubilation that a murderous dictator and close ally of Russia and Iran has fallen is not just good for the Syrian people but serves as a morale booster for Eastern Europeans wondering whether Russia can be defeated
Wednesday, December 18, 2024
Sports
Cristiano Ronaldo Unveils New Private Jet Worth $73 Million
Cristiano Ronaldo, one of the richest global athletes, has unveiled his upgraded private jet reportedly worth $73 million. With its top-notch design, exceptional speed and range of 7500 nautical miles, the Gulfstream G650 is among the fastest jets in the world.
Monday, December 16, 2024
Guardiola Accepts Man City May Need to Sign More Players to Cope with Schedule
Manchester City manager Pep Guardiola believes he will need a bigger squad to handle soccer’s ever-expanding fixture schedule.
Saturday, December 14, 2024
Thursday 7 March 2024 13:12:15
Natural Gas and Oil Forecast: China’s Trade Surplus, Will USOIL Swing Bullish?
Minor retreat in oil prices amid anticipation for China's demand data and mixed U.S. monetary policy signals.
China’s Trade Surplus Fuels Demand
Oil prices saw a minor retreat in Asian trading, interrupting the recent surge as the market eyes crucial demand signals from China and navigates through nuanced cues from U.S. monetary policy. The initial surge, sparked by Federal Reserve Chair Jerome Powell’s suggestion of potential interest rate reductions, was tempered by comments from Minneapolis Fed Chief Neel Kashkari, who expressed a cautious stance on inflation and the prospect of minimal rate cuts in 2024.
The focal point shifts towards China’s newly released trade data, revealing a substantial trade surplus of 891B Yuan, surpassing expectations and previous figures significantly. In USD terms, the trade balance soared to 125.2B, indicating robust trade activity and potentially higher oil demand than anticipated. This data emerges against the backdrop of China’s modest GDP growth target for 2024 and limited details on stimulus measures, stirring mixed sentiment in the markets.
Natural Gas (NG) sees a modest uptick to $1.9830, marking a 0.20% rise amidst a cautiously optimistic market. Technical analysis reveals a supportive upward channel, with the pivotal $1.9506 acting as a foundational baseline for bullish sentiment.
Resistance levels are charted progressively higher at $2.0287, $2.0841, and $2.1346, challenging any upward movement. On the downside, supports at $1.8604, $1.8016, and $1.7257 offer a safety net against potential pullbacks.
The 50-Day and 200-Day Exponential Moving Averages at $1.9079 and $1.9901, respectively, underscore the current bullish bias. Should Natural Gas dip below its pivot, it could trigger a bearish shift.
WTI Oil Price Forecast
In today’s commodity market, US Oil (USOIL) marginally dipped by 0.02%, setting the price at $79.03. The four-hour chart delineates a pivotal stance at $78.38, dictating the immediate market direction. Overhead, resistances are positioned at $79.43, $80.20, and $81.06, challenging bullish advancements. Conversely, supports lie at $77.61, $76.81, and $75.82, safeguarding against further declines.
Technical indicators, including the 50-day and 200-day Exponential Moving Averages (EMAs) at $78.55 and $76.88 respectively, hint at underlying bullish sentiment. The current market configuration, hovering above the pivot, underscores a potential for upward movement, yet a descent below $78.38 could pivot the trend towards bearish territory.
Brent Oil Price Forecast
On the ascent, Brent faces resistance at $83.45, extending to $84.06 and peaking at $84.86, which could cap further rallies. Downward, the first line of defense is seen at $81.82, with subsequent supports at $80.97 and $80.32, ready to arrest any pullback.
The 50 and 200-day Exponential Moving Averages, at $82.59 and $81.53 respectively, underscore a bullish undercurrent, suggesting resilience in the current pricing structure. Should UKOIL sustain above $82.76, the bullish narrative persists, yet slipping below could prompt a reconsideration towards bearish territories.
For a look at all of today’s economic events, check out our economic calendar.
