Natural Gas Price News: XNG/USD snaps five-day downtrend near $2.30 amid cautious markets – by anilpanchal7 Gas RiskAversion Commodities Energy DollarIndex
bets and hopes of avoiding the US default. However, the price-negative headlines from the XNG/USD market seem to keep the bears hopeful ahead of the key US data and weekly Natural Gas stockpile from the US Energy Information Administration .
Even so, concerns that the Natural Gas flaring will outline pipeline capacity, per Reuters, also exert downside pressure on the XNG/USD price. “East Daley and Validere, a measurement, reporting, and verification firm, estimated pipeline takeaway capacity will fall short of gas production by an average of 200 million cubic feet per day in 2023 and the first half of 2024, before rising to about 500 mmcfd in May 2024,” said the news late in May.
Amid these plays, the XNG/USD price remains sidelined as traders await the key risk catalysts, as well as the weekly Natural Gas Storage Change, prior 96B, for clear directions. Apart from that, the early signals for Friday’s US 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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