Natural Gas enters its ninth straight day of red numbers.
Gas traders are sending prices lower, with Netanyahu open for a diplomatic solution.
The US Dollar index eases as well, with pressure building ahead of the Nonfarm Payrolls release.
Natural Gas price (XNG/USD) eases for a ninth straight day on Friday, nearly matching the correction it faced in February, which was ten days. This time, positive headlines from Israel took over when Reuters reported that Israeli Prime Minister Benjamin Netanyahu assembled a diplomatic task force that will enter into negotiations with Hamas for a ceasefire and hostage deal. Although Netanyahu quickly saw that a ceasefire deal did not mean the war had stopped, markets focused on the fact that talks were underway.
Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, eases as well on Friday, for a fourth straight day in a row this week. Traders are shunning the Greenback ahead of the June US Nonfarm Payrolls (NFP) release after US economic data this week came in softer and often missed or underperformed on estimates and consensus views. Fear is now that the NFP report might be a big miss on estimates and might turn into a nightmare later this Friday, ahead of the French elections this weekend.
Natural Gas is trading at $2.38 per MMBtu at the time of writing.
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