Whats up in the markets right now？ Gas/Tesla/ECB

Date: July 21st

It has been an eventful week already, especially in Europe. Find out what‘s moving the markets in today’s article.

Russia Open Nord Stream 1

This could be huge for gas and oil prices! Russia has resumed gas flows via Nord Stream 1, helping supply concerns. Nord Stream 1 will now be operating at 40% after the markets were pricing in a complete cut-off. The Russian invasion of Ukraine has pushed gas prices to worryingly high figures, especially in Europe as it gets around 40% of its gas supplies from Russia. 

Gas prices have been cooling off as a result of higher supply prospects. Looking into the technicals, natural gas prices have reacted from a market gap area. The next levels to watch out for are the 50-day moving average at 7.46 and the imbalance/100-day moving average at 6.87.

Tesla sells 75% of Bitcoin

In other news, Tesla became the next tech giant to release an earnings report, and they beat expectations. Teslas revenue was up 42% in the quarter to $16.9 billion. However, what stole the headlines was the decision to sell 75% of its Bitcoin. Tesla is losing faith in Bitcoin due to the environmental issues it poses.

Over to you, Lagarde.

There is an extremely important European Central Bank meeting today too. The markets are anticipating a first-rate hike in Europe in a decade. Mrs. Lagarde has a huge task ahead of her as inflation is red-hot, and a recession in Europe is said to be very likely. Important moments coming up...

Everyone at Zenfinex hopes you are having a great trading week. If you would like to know more about the products we offer, feel free to visit www.zenfinex.com.

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