US natural gas jumps 10% πŸš€

The price of US natural gas futures went up by 10% to around $7. The gas rose as forecasts called for much colder weather and a higher demand for heating than was anticipated before. Cold weather and a significant amount of precipitation on the West Coast have increased the need for natural gas at a time when storage levels are below average.

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Saudi Aramco x China πŸ›’

Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.

Gold hits $2,000

Gold rose above $2,000 for the first time in one year. This is because of the ongoing fears about the crash of the banking system. Gold is up 10% so far in 2023.

WTI Crude falls below $70

WTI crude fell by more than 5% to $67.5. This is the lowest level since December 2021, marking the end of the commodity rally for now.

WTI crude drops amid high volatility

WTI crude fell by more than 5% to below $73, close to a level not seen since early December. The decline is likely caused by financial contagion fears following the Sillicon Valley Bank and Signature Bank collapses.

Commodities fall after Fed’s press

Silver tumbled from $21 to $20 in the midst of a global selloff. The commodity fell by almost 5% in a single day. Platinum also dropped by 4.7%, and gold declined by 1.8%.

US natural gas drops 10% πŸ“‰

US natural gas tumbled 10% when the market opened. This is after the commodity bottomed out and rose almost 50% in less than two weeks.

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EU stock indices near March highs πŸ“ˆ

Thursday saw an almost 1% increase in European stock indices on hopes that central banks will soon halt their tightening cycle. Global risk sentiment improved as worries about the recent banking turmoil subsided. The STOXX 600 jumped to 455 while DAX 40 surged to 15,500.

Ripple jumps 12% amid market rally πŸš€

Ripple (XRP) jumped an additional 12% to $0.58, as investors hope the lawsuit between the SEC and Ripple is coming to an end. The cryptocurrency is already up 65% in the last 2 weeks.

Saudi Aramco x China πŸ›’

Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.

Alibaba soars 13% after announcement

The announcement of Alibaba’s plan to divide itself into six distinct businesses boosted the stock by 13%. This reorganization may result in many IPOs down the road. The segments would be cloud, e-commerce, global e-commerce, digital mapping, logistics, and a media arm.

5 banks investigated over $100b fraud

Five large banks in France were reportedly targeted by investigators as part of a €100 billion fraud probe. French and GermanΒ  governments were involved because of a possible money laundering allegation. The banks under investigation are HSBC, Societe Generale, BNP Paribas, Exane, and Natixis.

Charles Schwab suffers losses

Charles Schwab is facing risks due to unrealized losses of over $29 billion on its balance sheet from 2022. As a result, Schwab shares have lost over a quarter of their value since March 8, with some analysts expecting earnings to suffer. The company’s CEO, Walt Bettinger, said the company is healthy and prepared to withstand the turmoil.

News

EURUSD eyes cycle highs – will it breach 1.10?
EURUSD
-0.01%

EURUSD eyes cycle highs – will it breach 1.10?

The negative trend for the USD is here to stay, according to analysts, likely leading to the next attack at 1.10.
Wall Street closed green with increased optimism
SP500
1.42%

Wall Street closed green with increased optimism

The US market closed in the green, with tech being the hero of the day. Banking re-assured traders with rising stock prices.

Current crypto regulatory challenges in USA – what you need to know

Senator Elizabeth Warren wants to ban crypto wallets, and the SEC chairman will testify about his plan to set the regulatory framework for crypto.
Natural gas production may rise with US and Canada in charge
NG
-1.14%

Natural gas production may rise with US and Canada in charge

The US and Canada are expanding natural gas production rapidly. Will the LNG price meet their expectation?