Add to that the Wall Street Journal reported that, “Gaza militants fire rockets at Israel amid Jerusalem clashes. The Journal says that Israel strikes Hamas military targets in response to the cross-border barrage that broke months of calm. Two militant groups in Gaza, Fatah’s Al Aqsa Martyrs’ Brigade and the Popular Front for the Liberation of Palestine’s Abu Ali Brigades, claimed responsibility for the rocket fire. Israel says it holds Gaza ruler Hamas responsible for any violence coming from the Gaza Strip.
Natural gas has been impressive. Andrew Weisman of EBW Analytics says that, ”Despite forecasts for demand for natural gas to taper off significantly starting this week, the May gas contract held its ground last week, closing within a narrow range between $2.727 and 2.749/MMBtu in four out of five sessions. This was due in part to:
- unseasonably cold weather for most of the week;
- strong cash demand and
- a much smaller-than-expected EIA-reported 38 Bcf injection, suggesting a tighter market.
May natural gas is likely to continue to trade near last week’s level before it goes off the board on Tuesday but could edge slightly lower. Like natural gas, WTI traded within a narrow range last week, with the front-month contract closing between $61.35 and $62.44 between Tuesday and Friday.
The U.S. market is likely to tighten further soon, the rampant spread of COVID-19 in India, continued delays in vaccine roll-out in Europe, and fears regarding the potential for a deal with Iran, all are likely to keep prices down.