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Natural Gas pops with colder temperatures already triggering issues for Europe
The post Natural Gas pops with colder temperatures already triggering issues for Europe appeared on BitcoinEthereumNews.com. Natural Gas sees more and more tailwinds come in that could drive prices higher. Europe faces issues with colder temperatures revealing supply issues for the winter. The US Dollar Index is under pressure and falls to a 14-month low against the Euro. Natural Gas futures edge higher on Wednesday after a small pause in their rally the previous day. Heightened geopolitical tensions between Israel and Lebanon are still present, with supply concerns for Europe emerging as well on top. The underground Gas stockpile reserves in Europe are nearly 94% full, which is an excellent level, though more concerning is that the stockpiling is not picking up anymore and is even seeing some drawdowns locally, which triggers concerns for reserves over the winter. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is under selling pressure after the announcement of a massive stimulus plan from China, which improved the market mood. Additionally, weak economic data from the United States (US) also weighs on the Greenback. This Wednesday will be a very calm day regarding macroeconomic releases, with some minor housing data standing out. Moreover, this week’s main events will be the US Q2 Gross Domestic Product (GDP) on Thursday and the US Personal Consumption Expenditures Price Index (PCE) release on Friday. Natural Gas is trading at $2.93 per MMBtu at the time of writing. Natural Gas news and market movers: Colder temperatures reveal issues for Europe European weather is facing a cold front, which is already seeing Gas drawdowns from its reserves in Germany, for example, Bloomberg data reveals. Tropical Storm Helene is set to hit the shores of Florida in the US Mexican Gulf region by Thursday, the National Hurricane Center reports. Hotter-than-normal weather in Japan has seen extended Liquefied Natural Gas (LNG) consumption, increasing…
The post Natural Gas pops with colder temperatures already triggering issues for Europe appeared on BitcoinEthereumNews.com.
Natural Gas sees more and more tailwinds come in that could drive prices higher. Europe faces issues with colder temperatures revealing supply issues for the winter. The US Dollar Index is under pressure and falls to a 14-month low against the Euro. Natural Gas futures edge higher on Wednesday after a small pause in their rally the previous day. Heightened geopolitical tensions between Israel and Lebanon are still present, with supply concerns for Europe emerging as well on top. The underground Gas stockpile reserves in Europe are nearly 94% full, which is an excellent level, though more concerning is that the stockpiling is not picking up anymore and is even seeing some drawdowns locally, which triggers concerns for reserves over the winter. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is under selling pressure after the announcement of a massive stimulus plan from China, which improved the market mood. Additionally, weak economic data from the United States (US) also weighs on the Greenback. This Wednesday will be a very calm day regarding macroeconomic releases, with some minor housing data standing out. Moreover, this week’s main events will be the US Q2 Gross Domestic Product (GDP) on Thursday and the US Personal Consumption Expenditures Price Index (PCE) release on Friday. Natural Gas is trading at $2.93 per MMBtu at the time of writing. Natural Gas news and market movers: Colder temperatures reveal issues for Europe European weather is facing a cold front, which is already seeing Gas drawdowns from its reserves in Germany, for example, Bloomberg data reveals. Tropical Storm Helene is set to hit the shores of Florida in the US Mexican Gulf region by Thursday, the National Hurricane Center reports. Hotter-than-normal weather in Japan has seen extended Liquefied Natural Gas (LNG) consumption, increasing…
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