. Israel Gives permission for the production at the Karish Natural Gas field

Israel Gives permission for the production at the Karish Natural Gas field

market outlook commodity

The Natural gas contract was down 5.16% at $5.848.

Israel said that it approves permission for the London-based Company Energean to start producing natural gas in the Mediterranean Sea.

On Thursday France sends natural gas to Germany so that it is easy for them which used to rely heavily on the Russian gas supply before the invasion of Ukraine.

Truist Securities Change their Strategy in Southwestern Energy ticker symbol: (SWN) to buy from hold, raising the price target to 411 from $7 per share on Tuesday.

U.S energy investors forecast higher demand and tighter supply has been going into 2023, although investor’s concern about weakening economic growth kept prices pinned near eight months lows

EU ministers Discussed an emergency meeting in Brussels the last week, Russia supplied nearly 40% of Europe’s gas before the Ukraine invasion. Now the region is mixed up to diversify its energy sources

According to analysts and traders, gasoline prices are expected to keep falling in the coming months because U.S. refiners overproduce fuel to try to rebuild stocks of diesel and heating oil.

On technical fronts, Natural Gas: RSI stood at 39.504, and currently, it is trading below all SMA except MA (5), so a sell position can be taken with the following target and stop-loss

Trade signal: SELL AT 5.848, TAKE PROFIT AT 5.600, and STOPLOSS AT 6.100.

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