Natural Gas News – March 21, 2024
Natural Gas News – March 21, 2024
Natural Gas Slides Lower
Natural Gas prices (XNG/USD) trade subdued on Thursday after facing some profit-taking on Wednesday, with traders locking in some gains on long positions taken in the past few weeks. With the mixture of recent supply issues and delays in deliveries, European Gas reserves are not seeing the quick drain expected, urging traders to at least book some profit now. Meanwhile, LNG as an energy commodity is facing some pressure from European leaders, who are pushing for a renaissance in nuclear energy. Meanwhile, the US Dollar (USD) fell back below 104.00 and nearly all the way back to 103.00. The US Federal Reserve (Fed) was the main driver of the move by confirming via its dot plot that it still sees three rate cuts happening this year. This meant markets had to reprice their US Dollar positions again after investors ha… For more info go to https://tinyurl.com/mv64xk65
Natural Gas News: Prices Stabilize
U.S. natural gas futures remained stable on Wednesday, following a notable increase the day before. This rise was spurred by colder weather forecasts and an anticipated surge in heating demand. At 12:34 GMT, US Natural Gas is trading $1.747, up $0.003 or +0.17%. Current weather patterns, characterized by colder temperatures in the northern U.S., are expected to drive moderate demand for natural gas over the next week. This shift comes after seven weeks
of substantially lower-than-normal demand. The increased need for heating due to cooler weather in the north and central U.S. through March’s end is set to intensify demand. However, this may be somewhat mitigated by a strong upcoming performance in wind energy generation. A key factor supporting futures is the continued decline in U.S. gas … For more info go to https://tinyurl.com/mvwuc6tp
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