NATURAL GAS CONSOLIDATES ABOVE $2 EVEN AS NORWEGIAN FLOWS RISE
- Natural Gas price is trying to hold ground above $2.00.
- Gas exports from Norway are increasing again after unplanned maintenance.
- The US Dollar Index trades below 104.00, though the level is still within reach.
Natural Gas (XNG/USD) trades above the key $2.00 level on Wednesday after it was able to eke out another gain on Tuesday. However, Gas bulls do not get much time to enjoy the recent rally as dark clouds are forming above the commodity. With politicians scrambling to eke out a ceasefire deal ahead of the Rammadam in Gaza, Norwegian Gas is back finding its way towards the UK and Europe after unforeseen outages in recent weeks.
Meanwhile, the US Dollar (USD) is seeing some prepositions ahead of three eventful days ahead. This Wednesday, US Federal Reserve Chairman Jerome Powell heads to Capitol Hill to keep his semi-annual testimony in front of Congress. On Thursday, markets will hear from European Central Bank President Christine Lagarde after the bank’s latest rate decision, and on Friday the US Employment Report will be released.
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