. Pipelines in the Pyrenees Puts EU Energy Division

Pipelines in the Pyrenees Puts EU Energy Division

Pipelines in the Pyrenees Puts EU Energy Division

Natural gas

The Natural gas contract fell 0.36% at 8.36 on Tuesday

Oil prices rose on Thursday, 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.

French doubt about a new gas pipeline across the pyrenes, Europe’s future energy mix as the urgently confronts a crisis.

The third largest gas connection between France and Spain is Midcat, with main backers, Madrid, Lisbon, and more recently Berlin, which would help Europe for reducing its Russian gas reliance.

Emmanuel Macron French president told his partners he sees no case for the euro project.

A senior government source said that “Macron is anxious at home from different groups which do not like the project

France says Mudcat would take too long to ease to take shape of the energy crunch, costly for France, and go against ambitions to shift towards a green economy.

According to the German chancellor, Olaf Scholz pipeline has dramatically missed for the past last month from Europe’s network and last week raised the issue with macron during a video call.

On Wednesday China’s imports crude slumped by nearly 10% in August.

On Thursday Canada hiked rates to a 14-year high.

LONG-TERM TECHNICAL ANALYSIS

Natural gas Price Chart

This daily chart indicates that Natural gas was trading in a down channel, RSI is in the neutral zone which indicates Neutralness, and MACD is below zero which indicates bearishness. Natural gas is trading below all SMA except MA (5).

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