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On June 15, German Foreign Minister Waldfull said that Germany, France and the United Kingdom are ready to hold talks with Iran immediately on Tehrans nuclear program to ease the situation in the Middle East. Waldfull, who is visiting the Middle East, said that he is working to contribute to the de-escalation of the conflict between Israel and Iran, noting that Tehran has not previously seized the opportunity to engage in constructive negotiations. "I hope this is still possible," Waldfull said. "Germany, France and the United Kingdom are ready. We propose that Iran negotiate immediately on its nuclear program, and I hope that this proposal will be accepted." "This is also a key prerequisite for reaching a settlement of the conflict, that Iran will not pose a threat to the region, Israel or Europe."Saudi government data showed that Saudi Arabias consumer price index rose 2.2% year-on-year in May and 0.1% month-on-month.Kuwait set the price of crude oil sold to the United States in July at a premium of $3.5 per barrel (compared with the Oman/Dubai average price), the price of crude oil sold to Asia at a premium of $0.4 per barrel, the price of crude oil sold to northwestern Europe at a discount of $0.25 per barrel, and the price of crude oil sold to the Mediterranean region at a discount of $0.25 per barrel.The General Staff of the Ukrainian Armed Forces: In the past day, the Russian army lost about 1,170 soldiers and 33 artillery systems and other equipment.US President Trump: We can easily broker an agreement between Iran and Israel to end this conflict.

Natural Gas Price News: XNG/USD prompts a three-day recovery near the monthly apex near $2.50 due to the strengthening of the US Dollar

Daniel Rogers

Apr 19, 2023 15:46

 截屏2022-11-08 下午5.39.10_1024x576.png

 

During the early hours of Wednesday morning in Europe, the price of natural gas (XNG / USD) reverses course from its greatest levels in a month to post modest losses of approximately $2.51. As a result, the energy instrument breaks a three-day winning stretch amid negative sentiment and the most recent dollar recovery.

 

Recent news articles concerning the US House China Committee's discussion of the Taiwan invasion scenario and a likely delay on the US debt ceiling decision appear to have agitated the risk profile. Recent unfavorable US data and hawkish Fed forecasts may be on the same trajectory. It should be noted that a divided earnings season influences sentiment and the price of Natural Gas.

 

In addition, Bloomberg released news indicating China's involvement in the Russia-Ukraine conflict, which, along with US President Joe Biden's reluctance to negotiate the debt limit, weighed on sentiment.

 

The recent decline in the XNG/USD price appears to be the result of a combination of factors, including reports that the United Kingdom has sufficient natural gas supplies to last through the winter and concerns about the likelihood of milder weather in the West. The Financial Times (FT) may have reported similar information: "The EU is storing record amounts of natural gas after a milder-than-expected winter, bolstering hopes that the bloc can wean itself off imports from Russia." According to the industry group Gas Infrastructure Europe, the bloc's storage capacity reached 55.7% at the beginning of the month, the highest level for early April since at least 2011.

 

In spite of this, the US Dollar Index (DXY) reverses its previous recovery from a one-year low and gains offers to 101.80 at the latest.

 

The previous day, the dollar index versus six main currencies reversed course in response to declining yields. In spite of this, US 10-year and 2-year Treasury bond coupons declined for the first time in four days by the end of Tuesday, hovering around 3.59 and 4.29 percent at the time of publication.

 

As a result of these trades, S&P 500 Futures have retreated from their greatest levels since early February, which were recorded the day before, and are currently trading near 4,178. Notable is the fact that the US stock futures ended their two-day winning trend with the most recent inactivity.

 

The news surrounding China and the US Federal Reserve (Fed), as well as the Fed Beige Book, can occupy Natural Gas traders until Thursday's release of weekly inventory data from the US Energy Information Administration (EIA).

 

 


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