Natural Gas marches higher in a bounce off the $2.10 barrier.
Traders are focussing on summer futures contracts to salvage the lost first quarter.
The US Dollar Index is steady ahead of ECB, US GDP, Durable Goods and Jobless Claims.
Natural Gas (XNG/USD) has sunk to a substantial low earlier this week near $2.10. Meanwhile the course has reversed within the futures markets, with summer expiries trading over $1 higher against the more near-term expiries. This means that for Europe it is cheaper to buy Gas now than in four to six months, when it would normally refill up its gas storages. This is making Gas traders scramble to still make a buck after the lacklustre to negative performance in the first weeks of 2024.
The US Dollar (USD) is holding ground in the US Dollar Index near 103, ahead of a big batch of data releases later this Thursday. In just a time span of around 30 minutes, the European Central Bank (ECB) will release its first rate decision for 2024, together with the release of US GDP, US Durable Goods and weekly Jobless Claims. While the Greenback is caught between two important technical elements (cap and floor), a breakout could be seen on the back of the above-mentioned catalysts
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