(VIANEWS) – China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) helps bring the total known natural gas reserves and clean energy supply capacity, in the Sichuan and Chongqing regions, to a 100-billion-cubic-meter natural gas field.

Sinopec is a Chinese oil and gas company headquartered in Beijing. It is traded in Shanghai and New York, as well as Hong Kong.

Business Insider confirmed that the Zhongjiang gas field, which is located in Zhongjiang County, Deyang City’s main reservoir, has a depth range of between 2,000 and 3,000 meters, covering an area of 404.9 km2.

Through technological R&D, Sinopec developed its integrated evaluation and supporting technologies to support the exploration of Zhongjiang Gas Field. The cumulative gas production at the exploration of Zhongjiang Gas Field is now 5.29 Billion cubic meters. This is equivalent to the gas consumption of approximately 5.5 million households each year.

Europe’s Natural Gas reserves are dangerously low

Europe may be on the edge of a winter gas crisis unless its diminishing stocks are replenished quickly. Stockpiles in Europe are still at their lowest level for this time of year in more than a decade, with supplies going to Asia and facing North Sea outages.

Europe is unusual in that its gas supplies come from four major countries, all of which are controlled by national oil firms. Russia, the Netherlands, Algeria, and Norway are among the countries involved.

The activities of these large suppliers have a significant influence on gas supplies to Europe. Nations’ and their national businesses’ behavior is influenced by commercial interests and political factors via companies such as Gazprom (Russia), Gasunie (the Netherlands), Sonatrach (Algeria), and Equinor (Norway).

According to the Financial Times, executives and experts believe Russia has exacerbated a European natural gas supply problem, which has driven up prices to a 13-year high, by secretly restricting top-up deliveries to customers.

Natural Gas Today

Natural Gas (NG) is currently on bearish momentum. At 18:10 EST on Tuesday, 17 August, Natural Gas (NG) is at $3.83 and 2.94% down since the last session’s close.

Volume

Today’s last reported volume for Natural Gas is 123043, 99.99% below its average volume of 24279918443.54.

Natural Gas Range

About Natural Gas’s daily highs and lows, it’s 0.341% up from its trailing 24 hours low of $3.82 and 3.962% down from its trailing 24 hours high of $3.99.

Volatility

Natural Gas’s last week, last month’s, and last quarter’s current volatility was a negative 0.04%, a positive 0.45%, and a positive 1.42%, respectively.

Natural Gas’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 1.77% (last week), 1.46% (last month), and 1.42% (last quarter), respectively.

Commodity Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Natural Gas’s commodity is considered to be overbought (>=80).

More news about Natural Gas (NG).

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