Natural Gas prices received a firm rejection at $2.53.
Geopolitical risks ease a bit while the Qatar Economic Forum gets underway.
The US Dollar Index holds and consolidates above 105.00.
Natural Gas price (XNG/USD) has given traders a nice run, rallying 40% since the end of March. This movement partially came on the back of Israel and its continuing attacks on Gaza. With pressure building from world leaders, calling out Israel to at least have a ceasefire, tensions are likely to ease from here. Meanwhile, Europe has secured enough Gas supply before the next heating season and ahead of the substantial longer-term measures that will kick in as of 2025 in 2028, making the bloc independent from Russian Gas.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades steadily above the crucial support of 105.00 on Tuesday ahead of the speech from the US Federal Reserve (Fed) Chairman Jerome Powell. Markets are already bracing for the Consumer Price Index (CPI) for April, which is set to be released on Wednesday, so any words from Fed Chairman Powell on possibly keeping rates higher for longer might influence the initial Fed rate cut prospects to later 2024 or even earlier 2025. The outcome of that scenario would be a stronger US Dollar across the board, weighing on Gas prices denominated in USD.
Natural Gas is trading at $2.50 per MMBtu at the time of writing.
Natural Gas prices received a firm rejection at $2.53.
Geopolitical risks ease a bit while the Qatar Economic Forum gets underway.
The US Dollar Index holds and consolidates above 105.00.
Natural Gas price has given traders a nice run, rallying 40% since the end of March. This movement partially came on the back of Israel and its continuing attacks on Gaza. With pressure building from world leaders, calling out Israel to at least have a ceasefire, tensions are likely to ease from here. Meanwhile, Europe has secured enough Gas supply before the next heating season and ahead of the substantial longer-term measures that will kick in as of 2025 in 2028, making the bloc independent from Russian Gas.
The US Dollar Index, which tracks the Greenback’s value against six major currencies, trades steadily above the crucial support of 105.00 on Tuesday ahead of the speech from the US Federal Reserve (Fed) Chairman Jerome Powell. Markets are already bracing for the Consumer Price Index (CPI) for April, which is set to be released on Wednesday, so any words from Fed Chairman Powell on possibly keeping rates higher for longer might influence the initial Fed rate cut prospects to later 2024 or even earlier 2025. The outcome of that scenario would be a stronger US Dollar across the board, weighing on Gas prices denominated in USD.
Natural Gas is trading at $2.50 per MMBtu at the time of writing.
Le gaz naturel fait l’objet d’une prise de bénéfices après l’arrêt de la hausse
