The global LNG market is vulnerable to further short term tightening after recent demand in Asia due to unseasonably high temperatures and with hurricane threats to US exports, according to ICIS. Egypt could also tender for more LNG cargoes if Middle Eastern tensions threaten Israeli pipeline flows.
Source: ICIS
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Trend conditions in USDCAD remain bullish and Thursday’s gains reinforce this condition. Recent gains resulted in a break of 1.3792, the Jun 11 high, and more recently, a print above key resistance at 1.3846, the Apr 16 high. The trend condition is overbought, however, the break of 1.3846 strengthens the bull theme and opens 1.3899, the Nov 1 ‘23 high and a key resistance. Firm support lies at 1.3718, the 50-day EMA.
Another Fed rate call change, this one by Nomura - who are still a little more conservative on the pace and magnitude cuts than some others in the wake of the July employment report. They now see: