NATURAL GAS ON THE ROAD TO PRE-COVID LOWS
- Natural Gas hits rock bottom and enters an area not seen since August 2020.
- Traders are following the ongoing probe by the House into Biden’s LNG export ban.
- The US Dollar Index steadies at 104 and is supported with some risk-off tone after ceasefire talks hit a dead end in the Middle East.
Natural Gas (XNG/USD) is trading sub-$2, and flirting with lower levels, not seen since August 2020. The move comes on the back of a probe by the House Committee on the action US President Joe Biden put in place to halt any developments on new LNG export terminals. The administration had said it would not issue approvals on new studies and plans earlier than after one year. The probe will be heading into its second day this Thursday with a hearing on the issue with Deputy Secretary of Energy David Turk.
The US Dollar (USD), which is negatively correlated to Natural Gas, is steady after some profit taking from its earlier peak performance on Monday and past Friday. The geopolitical element helps the Greenback a bit with Israel Prime Minister Benjamin Netanyahu rejecting the recent ceasefire proposal from Hamas and rather committing to fully infiltrating the Gaza region and liquidating Hamas. The breakdown of the ceasefire talks is triggering some risk off and is providing support for the Greenback
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.