Category: 3. Business

  • Oil prices rise, make weekly gains as Ukraine peace process stalls

    Oil prices rise, make weekly gains as Ukraine peace process stalls

    DOHA: Oil prices steadied on Friday amid uncertainty surrounding a potential peace deal between Russia and Ukraine, with prices gaining on the week for the first time in three weeks.

    Brent crude futures settled up 6 cents or 0.09% to $67.73.

    West Texas Intermediate (WTI) crude futures settled up 14 cents or 0.22% to $63.66.

    Both contracts gained more than 1% in the previous session.

    Brent gained 2.9% last week while WTI rose 1.4%.

    US President Donald Trump said on Friday he will see if Russian President Vladimir Putin and Ukraine President Volodymyr Zelenskiy will work together in ending Russia’s war in Ukraine.

    According to report by Al-Attiyah Foundation, the 3-1/2-year war continued unabated last week as Russia launched an air attack on Thursday near Ukraine’s border with the European Union, and Ukraine said it hit a Russian oil refinery and the Unecha oil pumping station, a critical part of Russia’s Europe-bound Druzhba oil pipeline.

    Russian oil supplies to Hungary and Slovakia could be suspended for at least five days.

    Meanwhile, US and European planners have presented military options to their national security advisers after the first in-person meeting between the US and Russian leaders since Russia invaded Ukraine.

    Oil prices were also supported by a larger-than-expected drawdown from US crude stockpiles in the past week, indicating strong demand.

    Stocks fell by 6 million barrels last week, the US Energy Information Administration said.

    Asian spot liquefied natural gas (LNG) prices were slightly down last week on high storage inventories, continued weak demand and lack of progress on peace talks for Ukraine.

    The average LNG price for October delivery into north-east Asia was at $11.40 per million British thermal units (mmBtu), down from $11.65 per mmBtu last week, industry sources estimated.

    Analysts expect further downside to Asian LNG prices, as storage levels remain elevated, while the supply picture continues to firm.

    Although Japan’s summer heat continues, demand for November heating is lagging.

    Meanwhile, China is leaning more heavily on domestic gas and pipeline imports, reducing reliance on spot LNG and South Korea is well-stocked, exerting further downside pressure.

    Moreover, some national oil companies (NOCs) in China were re-offering cargoes, while higher stocks limited injection demand, and strong hydro generation in Guangdong weighed on gas generation economics.

    In Europe, gas prices steadied on Friday around firmer levels reached in the previous session, as attention turns to upcoming heavy maintenance in Norway and gas storage filling needs before the winter.

    LNG imports into the continent remain healthy with expectations for an uptick in procurement of the super-chilled fuel ahead of the heating season.

    The futures price at the Dutch TTF hub settled at $11.47 per mmBtu, recording a weekly gain of more than 8%.

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  • Ether’s Upswing In August May Reverse In September: Data

    Ether’s Upswing In August May Reverse In September: Data

    Ether’s price has climbed 25% since the beginning of August, but historical data suggests the cryptocurrency could lose steam in September.

    Only time will tell if Ether (ETH) plays out differently this year, with billions flowing into spot Ether ETFs and treasury companies.

    Crypto trader CryptoGoos said in an X post on Friday, “ETH seasonality in September during post-halving years is typically negative. Will this time be different?”

    Ether is trading at $4,759 at the time of publication, up roughly $952 from its Aug. 1 opening price of $3,807, according to CoinMarketCap. The crypto asset crossed new highs above $4,867 on Friday following dovish comments from US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. 

    History suggests caution for Ether during September

    Powell hinted at a possible interest rate cut next month, which many in the crypto market view as a potential bullish catalyst. 

    However, history suggests caution for Ether as there have only been three instances since 2016 where Ether posted gains in August, and each was followed by a September decline, according to CoinGlass.

    Since September 2016, Ether has delivered an average loss of 6.42%. Source: CoinGlass

    In 2017, Ether surged 92.86% in August before dropping 21.65% the next month. 

    The pattern repeated in 2020, with a 25.32% gain in August followed by a 17.08% pullback in September. In 2021, Ether climbed 35.62% in August before slipping 12.55% in September.

    Ether gained in the final three months of 2016 and 2020

    Interestingly, even though September saw losses in 2016 and 2020, Ether posted upside in each of the following three months in both years.

    However, this September could play out differently from previous years, with spot Ether ETFs and Ether treasury companies present, which were not active during past August rallies. 

    On Aug. 11, the total Ether held by companies with crypto treasuries surpassed $13 billion in value, as the cryptocurrency’s price surged past $4,300.

    Cryptocurrencies, Ethereum Price
    Source: Satoshi Stacker

    On Saturday, blockchain intelligence firm Arkham reported that BitMine chairman Tom Lee bought another $45 million worth of Ether for the firm, bringing BitMine’s total stack up to $7 billion.

    August has been a significant month for spot Ether ETFs

    Meanwhile, spot Ether ETFs have seen roughly $2.79 billion net inflows in August alone, while spot Bitcoin (BTC) ETFs posted approximately $1.2 billion in net outflows over the same period, according to Farside.

    Related: ETH data and return of investor risk appetite pave path to $5K Ether price

    NovaDius Wealth Management president Nate Geraci said in a post on Saturday that there has been a “notable shift” in the inflows between spot Ether ETFs and spot Bitcoin ETFs.

    Meanwhile, Bitcoin dominance, which measures its overall market share, has fallen 5.88% over the past 30 days to 58.19%, which many market participants typically attribute to capital rotating into the broader crypto market outside of BTC.

    Magazine: ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest, Aug. 17 – 23