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Pakistani diplomat: Continued negotiations require concessions from the United States and Iran.Canadian Prime Minister Carney: Canada has never heard Trump mention the concept of Canada paying an “entry fee” to initiate an assessment of the USMCA.The U.S. EIA natural gas storage figures for the week ending April 17 will be released in ten minutes.On April 23, Slovak Prime Minister Fico stated at a press conference that Ukraine had cut off the "Friendship" oil pipeline for political reasons. "The Friendship pipeline resumed operation at 2:00 AM today, clearly proving that the pipeline was not damaged," Fico added. He further stated that 13,500 tons of crude oil would arrive in Slovakia via the "Friendship" pipeline that day, and the total volume was expected to reach 119,000 tons by the end of April. Slovak Economy Minister Sarkova said at the same press conference that the countrys petrochemical plants had resumed full-capacity operation, consuming approximately 17,000 tons of crude oil daily. She stated that the resumption of oil supply from the "Friendship" pipeline would contribute to stability in Central Europe and the entire European region.On April 23, Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), met with Airbus Global CEO John Faury at the NDRC headquarters. The two exchanged views on Chinas macroeconomic situation and deepening Airbuss cooperation with China. Zheng stated that in the first quarter of this year, Chinas economy showed new and improved high-quality development, further demonstrating its resilience and vitality, laying a solid foundation for a good start to the 15th Five-Year Plan. The Chinese air transport market has vast space and huge potential, and Airbus will usher in greater opportunities for development in China. China welcomes and firmly supports Airbuss continued investment in China and its expansion of the depth and breadth of its supply chain in China.

Natural Gas Price Prediction: XNG/USD recovers from its largest daily loss in a month to trade near $2.20 on sluggish markets

Alina Haynes

Apr 13, 2023 14:06

截屏2023-01-19 下午3.42.24.png 

 

Early Thursday morning in Europe, the price of Natural Gas (XNG / USD) fluctuates around $2.22. In doing so, the energy instrument justifies the market's inaction while searching for additional clues for a clear direction after declining the most in a month the day before.

 

Nonetheless, growing concerns of recession, or at least weaker growth numbers, in the West combined with discussions of Northern Ireland's (NI) prohibition on Russian gas imports to weigh on XNG/USD prices the day before. Notably, China's disappointing inflation data also put downward pressure on the price of Natural Gas before the dragon nation's recent trade data provided a tailwind.

 

Headlines from the International Monetary Fund (IMF) and the World Bank (WB) indicate apprehensions of sluggish growth, if not recession, for the global economy in the future. On the same line could be macros predicting milder weather in the West and more restrictions on Russian gas from countries on the old continent, specifically Europe.

 

Notably, however, weak US inflation and dovish Fed Minutes impact on the US Dollar, allowing the XNG/USD to consolidate yesterday's losses as traders search for additional catalysts following a volatile Wednesday.

 

Ten-year and two-year Treasury bond yields in the United States show modest gains of 3.41 and 3.91 basis points, respectively, while reflecting the current state of the economy. In spite of this, US 10-year Treasury bond yields halted a three-day uptrend with modest losses to around 3.40 percent, while the two-year counterpart yielded the first daily decline in five days to reach 3.96 percent. Moreover, despite Wall Street's disappointing close, S&P 500 Futures post modest gains, whereas Japan's Nikkei 225 index is currently up 0.60 percent intraday.

 

The US Energy Information Administration (EIA) Natural Gas Storage Change for the week ending April 7, prior -23B, will be crucial for intraday direction moving forward. Nevertheless, the US US Producer Price Index (PPI) for March and Friday's preliminary readings of the Michigan Consumer Sentiment Index for April, as well as risk catalysts, may also attract XNG/USD traders' attention.


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