Natural Gas up over 7% intraday in European trading.
Traders are sending Gas higher as the supply side will soon see reduced flows.
The US Dollar Index is back above 104 after its decline Tuesday and ahead of the Fed Minutes.
Natural Gas (XNG/USD) is jumping back to $1.80 in a steep rally which is mainly headline driven. One of the major Shale drillers, Chesapeake, is planning to cut its Natural Gas production already in 2024. The recent crash in Gas prices makes its Gas mining operations nearly unprofitable, and forces the company to cut its output, which means the global supply side will become tighter.
The US Dollar (USD) is jumping higher this Wednesday after its small retreat on Tuesday. Traders had some catching up to do with the US Public Holiday on Monday, and sent the US Dollar Index (DXY) snapping below 104. Ahead of the US opening bell, the DXY is back above 104 ahead of the US Federal Reserve Minutes from its most recent rate decision meeting
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