Natural Gas Bounced Back!

Natural Gas Bounced Back!

Natural Gas Bounced Back!

NATURAL GAS BONCED BACK!

US natural gas futures bounced back to $7.3 per million British thermal units after briefly hitting a two-week low of $6.4 per million British thermal units, as traders continued to monitor supply and demand prospects amid high volatility. Demand from LNG exporting facilities may further rise on further supply disruptions in Europe after Ukraine's grid operator warned that flows through its Sokhranivka pipeline would stop on Wednesday morning due to disrupting actions from the Kremlin's forces. The first resistance to be tested is $8.11 and first support on a decline is $7.02 Level. 

The dollar index held around 103.8 on Wednesday, hovering near a two-decade high, as investors looked ahead to a key inflation reading that should provide clues on how aggressive the Federal Reserve will be in tightening monetary policy. Investors will be watching the April US consumer price index for any signs inflation may be peaking, with expectations calling for an 8.1% annual increase compared with an 8.5% rise recorded in March. The Fed raised its benchmark interest rate by 50 basis points last week, the largest in 22 years. Markets are priced for another hike of at least 50 basis points at the central bank’s June meeting, according to CME’s FedWatch Tool. The dollar has also been buoyed recently by haven demand due to economic uncertainties surrounding Europe and China, with Russia’s war in Ukraine and Covid-induced lockdowns in China clouding the outlook.

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