NATURAL GAS HOVERS NEAR $2 MARKER WITH EUROPEAN DEMAND LESS BUOYED
- Natural Gas trades near $2 – though above the lowest level of $2.04, seen Thursday.
- Traders are seeing a rebound in European industrial output stall because of uncertainties.
- The US Dollar Index sinks into the 102-area ahead of the US Jobs Report.
Natural Gas (XNG/USD) is jumping off the fresh four-year low that got printed on Thursday at $2.04. The jump in Natural Gas comes after the US okayed plans for military strikes in both Iraq and Syria. Meanwhile a cease fire between Israel and Hamas did not go through after Hamas backtracked on earlier commitments it agreed on the terms.
The US Dollar (USD), which is negatively correlated to Nat Gas, had a meltdown overnight where traders sold the Greenback after US Jobless data started to signal a possible tipping point. The US Challenger Job Cuts data revealed more than double the amount of layoffs in January compared to December while both Initial and Continuing Jobless Claims are starting to tick up against last week. A big miss on the US Jobs Report might mean more substantial weakness for the Greenback going forward
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