Natural Gas sets forth its losing streak for a seventh day.
European gas storages are filling up quickly, even with demand picking up.
The US Dollar index eases ahead of a very full agenda due to Thursday’s public holiday.
Natural Gas price (XNG/USD) still stuck in its correction, adding a seventh day for now to the chronicles. The decline is being fueled again by the outlook that European gas storages are still being filled up, despite the current pickup in energy demand. Europe looks set to head into the next heating season with ample amount of supply to winter through.
Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, easing after US Federal Reserve Bank of Chicago President Austan Goolsbee had a change of heart and advocated for rate cuts during an interview with Bloomberg during the European Central Bank symposium in Sintra, Portugal. The change comes after several weeks of comments from Fed officials all signaling the same message: that rates should be kept steady for longer.
Natural Gas is trading at $2.45 per MMBtu at the time of writing.
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