Natural Gas prices are trading flat this Monday, holding onto the prior week’s gains.
Traders see reasons for both easing and rallying in the price action.
The US Dollar Index opens above 105.00 in a technical bounce.
Natural Gas (XNG/USD) trades broadly steady on Monday after the rally seen on Friday, when prices escalated to the highest level in more than three months. On the upside, prices are supported by escalating tensions in Gaza as Israel is set to attack the city of Rafah, urging the already relocated refugees to leave the area. However, on the other hand, European Gas storages are filled up by 63.25%, seeing net inflows as the peak demand season draws to a close.
Meanwhile, the US Dollar Index (DXY) seems to be experiencing a technical bounce, particularly against the Japanese Yen and the Chinese Renminbi, up by 0.50% in each pair. The move comes after substantial interventions that triggered appreciation in the Japanese Yen last week, which in turn made the DXY correct to the downside. The DXY is already off the lows from last week and more upside for the Greenback is on the cards.
Natural Gas is trading at $2.26 per MMBtu at the time of writing.
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