OIL: Iran’s South Pars Refinery 7 set to increase production: BNE IntelliNews
Iran’s South Pars Refinery 7 set to increase production: BNE IntelliNews
- Iran’s South Pars Refinery 7 is on track to maximise production, according to the facility’s manager – Mehrdad Abdi – who said that output is expected to increase significantly by the end of March this year.
- In a speech praising the refinery’s 26-year operational history, Abdi highlighted the role Iran’s oil and gas industry had played in growing the country’s economy, security and “dignity”.
- The official noted that efforts by Iranian refining experts had been an important factor in allowing the industry to grow, showcasing South Pars 7 as an example of this.
- According to Abdi, the plant is currently extracting the maximum amount of gas possible from offshore platforms – receiving more than 14bn cubic metres of gas in the first 10 months of the Iranian year (beginning March 20, 2024) and sweetening and injecting around 12.5bn cubic metres of the commodity into the country’s national grid.
- Additional products produced by the refinery since March 20 included more than 400,000 tonnes of propane, 280,000 tonnes of butane and 32,500 tonnes of granulated sulfur.
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AUDUSD TECHS: Trend Structure Remains Bearish
- RES 4: 0.6471 High Dec 9
- RES 3: 0.6400 50-day EMA
- RES 2: 0.6341 High Dec 18
- RES 1: 0.6627/0.6302 20-day EMA / High Jan 6
- PRICE: 0.6243 @ 20:14 GMT Jan 6
- SUP 1: 0.6179 Low Dec 31
- SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
Despite Monday’s gains, a bearish trend condition in AUDUSD remains intact. Recent weakness maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. Scope is seen for an extension towards 0.6158 next, a Fibonacci projection. Initial firm resistance to monitor is 0.6276, the 20-day EMA. It has been pierced but for now, remains intact.
US STOCKS: Late Equities Roundup: Paring First Half Gains
- Stocks are mixed in late trade, scaling back first half gains with S&P Eminis and Nasdaq indexes outperforming DJIA by the bell. Well off this morning's high of 43115.31 the DJIA trades down 51.3 points (-0.12%) at 42680.66, S&P E-Minis up 24.25 points (0.4%) at 6013.75, Nasdaq up 192.4 points (1%) at 19812.54.
- Semiconductor makers continued to benefit from news announced late Friday that Microsoft plans to invest $80B in AI-enabled data centers - at least half of that expected to be in the US. Leading gainers included Micron Technology +10.99%, Teradyne +6.98% while First Solar, Nvidia, KLA Corp, Applied Materials ad Lam Research all gained 3-5% in the second half.
- Interactive media and entertainment shares buoyed the Communication Services sector with Meta +2.79%, Paramount +2.67% and Alphabet +2.26%.
- On the flipside, Utility and Real Estate sectors continued to underperform in late trade, multi-energy providers weighing on the former: Sempra -3.18%, PG&E -2.84%, Xcel Energy -2.19%. Office and Residential investment trusts weighed on the Real Estate sector with UDR -3.48%, Essex Property Trust -3.35% and Kimco -3.24%.
- Reminder, the next round of quarterly earnings kicks off mid-January with Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs, Citigroup, US Bancorp, M&T Bank and PNC all reporting between January 13-16.
AUSSIE 10-YEAR TECHS: (H5) Monitoring Support
- RES 3: 96.975 - High Mar 14
- RES 2: 96.501 - 76.4% of the Mar 14 - Nov 1 ‘23 bear leg
- RES 1: 96.207 - 61.8% of the Mar 14 - Nov 1 ‘23 bear leg
- PRICE: 95.485 @ 19:58 GMT Jan 6
- SUP 1: 95.460 - Low Dec 20
- SUP 2: 95.275 - Low Nov 14
- SUP 3: 94.590 - 1.0% 10-dma envelope
The Aussie 10-yr futures contract continues to trade below the Dec 11 high of 95.851. A resumption of gains and a break of 95.851 would reinstate a bull cycle and refocus attention on resistance at the 96.207 level, a Fibonacci retracement point. On the downside, a stronger bearish reversal would instead expose 95.275, the Nov 14 low and a key support. A break of this level would strengthen a bearish theme.
