Natural Gas Price Forecast: XNG/USD pauses pullback from two-month high near $2.50 on cautious optimism – by anilpanchal7 Gas RiskAversion Energy Commodities
The energy instrument previously dropped amid the broad US Dollar rebound on sour sentiment and upbeat US data, not to forget the hawkish Federal Reserve comments. However, receding fears of the US default and a light calendar allow the XNG/USD to pause the previous reversal from the multi-day top.
While justifying the data, as well as defending the rate hike bias, Federal Reserve Bank of Chicago President Austan Goolsbee anddefended the US central bank’s hawkish moves by citing inflation woes as they spoke at a conference hosted by the Atlanta Fed on late Tuesday. It’s worth noting that the previous day’s downbeat China data renews fears of less energy demand from the world’s biggest commodity user. Adding to the Natural Gas market’s pessimism are concerns about higher supplies from Russia and the renewal of European gas flows.may allow the XNG/USD to pare recent losses ahead of the weekly release of the US Energy Information Administration’s Natural Gas Storage Change data, prior 78B.
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