Natural Gas (XNG/USD) price soars higher on Tuesday after a stellar performance on Monday, trading up nearly 3% for the week. The move comes as Bloomberg forecasts a decline in Gas supply by 4% in the coming weeks as Egypt is looking to
Natural Gas prices are soaring towards $2.00 at the start of the week. Traders seem to be pricing in supply issues ahead in Europe as shortages from Egypt worsen. The US Dollar Index is stuck in a ‘push and pull’ pattern with the Fed pushing against markets’ expectations for fewer rate cuts. Natural Gas price soars higher on Tuesday after a stellar performance on Monday, trading up nearly 3% for the week.
Markets are facing the possibility of lower supply for the same amount of demand, or even increased demand as the European market is under siege from Asian trading desks buying up cheap Gas contracts. This combination could lead to a significant rise in prices ahead On the upside, the key $1.97 level needs to be regained before challenging last week’s peak at $2.01. The next key mark is the historic pivotal point at $2.13.
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