NATURAL GAS STEADY WHILE NEW ZEALAND LIFTS LNG IMPORT BAN
- Natural Gas steadies above $2.13 and holds support
- Markets see Europe gearing up for the next heating season while New Zealand faces issues ahead.
- The US Dollar index sees mild inflow on the back of risk-off nervousness ahead of Nvidia.
Natural Gas is trading at $2.17 per MMBtu at the time of writing. Natural Gas prices (XNG/USD) remain in the clear range between $2.13 and $2.36 for most of August. Demand still looks bleak, with Europe and China having less demand for Liquified Natural Gas (LNG). Meanwhile, New Zealand is quickly lifting an LNG import ban and speeding up LNG projects to solve the current energy crisis.
Meanwhile, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, is still trying to recover from one of its worst weeks in nearly a year last week. The US Dollar looks to have some support and even see some mild inflow again on the back of some nervousness ahead of Nvidia earnings later this Wednesday after the US closing bell. Any underperformance of the tech giant could spark a sell-off in equities and could see more US Dollar inflow.
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