US natural gas futures tumbled!
US natural gas futures tumbled below $5.5 , closing in on its lowest level since end-March, amid rising inventories. The US domestic market has absorbed an additional 2 bcf of natural gas per day since the explosion at Freeport LNG, which is now expected to return to partial operations in October, according to the company. The first resistance to be tested is $5.81 and first support on a decline is $5.20 Level.
The dollar index held above 106.5 on Wednesday, hovering near its highest levels in 20 years, as mounting recession fears drove investors towards the safe-haven dollar and out of risk-sensitive currencies and commodities. Such economic fears were driven by aggressive interest rate hikes among major central banks aimed at curbing high inflation. The greenback was also underpinned by expectations that the pace of the Federal Reserve’s monetary tightening will not let up in the second half of 2022. Last week, Fed policymakers cemented expectations for further policy tightening, signaling another 75 basis point rate hike in July to arrest surging prices. Investors now await the FOMC minutes release on Wednesday and the payrolls report Friday.