Natural Gas prices are steady on Wednesday but futures on European markets jump.
Markets see tensions simmer amid uncertainty about Israel’s retaliation against Iran.
The US Dollar Index consolidates after Fed Chairman Powell confirms delay in interest-rate cuts.
Natural Gas (XNG/USD) trades flat in a narrow range on Wednesday, digesting the overnight headlines that came out about lingering tensions in the Middle East. White House National Security Advisor Jake Sullivan said to Bloomberg that the outline of the sanctions against Iran will come in the following days and will specifically target the country’s drone plan. Meanwhile, in the Middle East, Saudi Arabia’s Crown Prince Mohammed Bin Salman and UAE President Mohammed Bin Zayed Al Nahyan issued a rare joint statement calling for self-restraint and pointed to the dangers of war.
Meanwhile, the US Dollar Index (DXY) is weakening after its staggering five-day winning streak. Some further easing is in the cards with a very light economic calendar ahead and markets no longer looking to force the US Federal Reserve to change its stance. US Federal Reserve Chairman Jerome Powell said on Tuesday that current inflation levels do not call for a rate cut, suggesting that interest rates will stay steady for longer until inflation comes down.
Natural Gas is trading at $1.90 per MMBtu at the time of writing.
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