Natural Gas price are rallying on the back of surging demand in the Middle East.
Several African and Middle Eastern countries use Gas to power air conditioning.
The US Dollar Index slips further, barely holding above 105.00.
Natural Gas (XNG/USD) prices are heading higher for a second consecutive day driven by a pickup in demand from the Middle East and some North African countries. The best example is Egypt, where Gas exports have already decreased to meet local demand. The need for Gas is growing because of the usage of Liquified Natural Gas (LNG) to power air conditioning units amid an ongoing heatwave w in the region.
Meanwhile, the US Dollar Index (DXY) is hanging by a thread after yet another possible intervention to propel the Japanese Yen (JPY). The JPY has appreciated more than 3% since last Friday against the Greenback, and that is reverberating in the US Dollar Index. Looking at the economic calendar, the US Employment Report is due later on Friday.
Natural Gas is trading at $2.16 per MMBtu at the time of writing.
Edited 06 May 2024, 19:57
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