NATURAL GAS 06.05.2022

NATURAL GAS 06.05.2022

NATURAL GAS 06.05.2022

NATURAL GAS

US natural gas futures hit a near fourteen-year high of $8.65, as forecasts pointed to likely record early-season heat, exacerbating concerns over tight supplies. The US is set for temperatures in May that would even be considered hotter-than-normal during summer months, while production remained 2 billion cubic feet below this year’s highs amid the maintenance season and recent freeze-offs. The first resistance to be tested is $9.09 and first support on a decline is $8.11 Level. 

The dollar index held firmly above 103.5 on Friday and was set for its fifth consecutive week of gains, as investors continued to bet on further Federal Reserve monetary tightening to bring decades-high inflation under control. The greenback is up about half a percent so far this week, hovering near its highest in 20 years and tracking gains in Treasury yields, with the benchmark US 10-year yield topping 3.1% overnight. The Fed on Wednesday raised its benchmark overnight interest rate by 50 basis points, the biggest jump in 22 years, while Chair Jerome Powell added the bank was not considering a 75 basis-point move in the future. However, he assured Americans that the central bank will do what it takes to curb surging inflation, while acknowledging that this could risk economic pain. Investors now await the April jobs report due later today which could reinforce the case for aggressive monetary policy tightening.

NATURAL GAS

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05 May 2022 07:14

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