NATURAL GAS CLIMBS ABOVE $2 AFTER US, QATAR OUTPUT DECLINES
- Natural Gas prices are soaring in both the European and US futures markets.
- US gas exports declined at the end of February, while some US producers are cutting output.
- The US Dollar Index trades around 104.00 ahead of Super Tuesday and US PMI numbers.
Natural Gas (XNG/USD) trades in the green for a second consecutive day on Tuesday after a Bloomberg report showed that gas exports are declining fast. Recent numbers revealed that both the US and Qatar saw their output falling by near 13% in the last week of February compared with a week before. The biggest issue for the US is the unforeseen shutdown of Cove Point LNG, which saw its output significantly reduced.
Meanwhile, the US Dollar (USD) is gearing up for the first of many eventful days this week. Today, the so-called Super Tuesday takes place in the presidential primary election. The second big event will take place on Thursday, with the European Central Bank (ECB) monetary policy decision as a litmus test for the US Federal Reserve meeting on March 20. Ahead of Super Tuesday Primaries results, traders will pay attention to the S&P Global Services Purchasing Managers Index (PMI) and the Institute for Supply Management (ISM) data release.
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.