Natural Gas Price News: XNG/USD bulls eye $2.30 amid economic optimism, doubts on US DoE forecasts – by anilpanchal7 Gas RiskAversion EconomicHealth Commodities Energy
US President Joe Biden signed the debt-ceiling bill and avoided the ‘catastrophic’ default, which in turn triggered economic optimism the last Friday.
Elsewhere, geopolitical fears surrounding the US, China, Russia and Ukraine also underpin the XNG/USD rebound amid challenges to energy supply. On a different page, S&P Global Commodity Insights mentioned the first yearly decline in Chinese demand for Natural Gas since 1990 during 2022. However, the drawdown in the XNG/USD was mainly because of the nation’s zero-covid policy and hence the economy’s recent re-opening raise expectations of further Natural Gas demand.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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