NATGAS: US Greenlights Shell and Trinidad to Develop Gas Field in Venezuela
The US government granted Shell and the country of Trinidad and Tobago the authority to develop an offshore gas field in Venezuela close to the maritime border, according to Trinidad’s attorney general and reported by Reuters
- The grant is structured in three stages: 1 is to allow Trinidad and Shell to negotiate the project with Venezuela and PDVSA through April 2026 with the stipulation that US companies are involved in the development.
- The process for granting access to Venezuelan waters has gone in fits and starts since the Trump administration terminated previous licenses granted by the Biden administration for Shell to continue work on its Dragon project.
- In July, Trinidad and Tobago’s LNG exports reached their highest level in nearly five years despite no significant change in domestic gas supply, according to Platts.
- Exports from the country’s Atlantic LNG facility totaled 42.49 Bcf, a 17% rise from June’s 36.38 Bcf and the largest monthly volume since August 2020. This was 38% higher than July 2024 and 31% above July 2023.
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EURJPY TECHS: Trend Needle Points North
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 172.65 @ 17:35 BST Sep 9
- SUP 1: 171.15 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
The trend set-up in EURJPY remains bullish and sights are on key resistance and the bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull phase. Note that moving average studies are in a bull-mode position too, highlighting a primary uptrend. A break of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 171.15.
EURJPY TECHS: Trend Needle Points North
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 172.64 @ 17:35 BST Sep 9
- SUP 1: 171.15 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
The trend set-up in EURJPY remains bullish and sights are on key resistance and the bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull phase. Note that moving average studies are in a bull-mode position too, highlighting a primary uptrend. A break of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 171.15.
US STOCKS: Late Equities Roundup: Off Lows Ahead CPI/PPI Data Risk
- Stocks have drifted off early Tuesday session lows in the second half, breaking through narrow ranges with the DJIA outperforming despite the near-term data risk of CPI and PPI scheduled Wednesday and Thursday.
- Currently, the DJIA trades up 212.47 points (0.47%) at 45722.43, S&P E-Minis up 11 points (0.17%) at 6517.25, Nasdaq up 44.4 points (0.2%) at 21846.38.
- Energy and Communication Services sector shares continued to lead gainers late trade, a rebound in crude prices (WTI off highs at 62.69) helped oil and gas shares: Valero Energy +2.90%, Phillips 66 +2.32%, Williams Cos +1.86%, Exxon Mobil Corp +1.72% and ConocoPhillips +1.72%.
- Meanwhile, AT&T Inc +2.15%, Alphabet +1.93%, Meta Platforms +1.41% and Netflix +1.40% buoyed the Communication Services sector in the second half.
- Materials and Industrials sector shares underperformed in late trade: reports over Chinese lithium miner extending output weighing on Albemarle Corp -11.7%, followed by Freeport-McMoRan -6.47%, Smurfit WestRock -2.96%, Steel Dynamics -2.21% and Vulcan Materials -2.18%..
- The Industrials sector weighed by: Builders FirstSource -4.46%, Carrier Global -3.86%, Lennox International -3.55% and Masco -3.02%.
