Natural Gas Price Forecast: XNG/USD portrays corrective bounce at 20-month low near $2.15 – by anilpanchal7 Gas Commodities RiskAppetite Recession China
ecover from the lowest levels in 20 months, marked the previous day, amid supply crunch fears emanating from China and Russia.
On the other hand, the four-week downward trajectory by the US Dollar and chatters surrounding the Federal Reserve’s rate cut in late 2023 also seem to underpin the corrective bounce of the quote, due to its inverse relations with the USD. However, fears of downbeat winter in the West join Russia’s failure to capitalize on its gas monopoly to weigh on the Natural Gas price. On the same line could be the recession fears, mainly backed by the recent downside US data.
While portraying the mood, S&P 500 Futures print mild losses around 4,132 while snapping a two-day uptrend whereas the US 10-year and two-year Treasury bond yields remain pressured near 3.37% and 3.95% respectively. In doing so, the benchmark bond coupons extend the previous day’s losses and portray the market’s rush toward the risk-safety amid economic slowdown fears.
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