The post Natural Gas down 2% after steep two-day rally snaps on Ukraine excursion into Russia appeared on BitcoinEthereumNews.com.

Natural Gas drops near 2% on Thursday after a stellar 8% surge earlier in the week.  Some profit-taking took place after headlines emerged that Ukraine forces entered Russia.  The US Dollar index eases after a two-day recovery.  Natural Gas price (XNG/USD) cracks under selling pressure on Thursday after a steep surge that exceeded 8% gains over Tuesday and Wednesday. The surge came on the back of headlines that Ukrainian forces crossed the Russian border and were targeting Russian installations in the Kursk region. The risk that Russia would further limit or fully cut off the Gas supply towards Europe on the back of that news got priced in as of Tuesday.  Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is stronger after the US Jobless Claims print. Traders were nervous as it was this same number last week that sparked the volatility patch that led to the Monday mayhen in all asset classes. The weekly US Jobless Claims data came in stronger than expected and triggered a sigh of relief in the US Dollar and equities.  Natural Gas is trading at $2.12 per MMBtu at the time of writing.   Natural Gas news and market movers: Taking Profit At 14:30 GMT, the weekly Natural Gas Storage Change data for the week ending August 2 will be released by the Energy Information Administration (EIA). The expectation is for a build from 18 billion to 22 billion metric tons of Natural Gas.  The Kursk region is very gas-sensitive and holds a key Gas intake point. This might be one of the reasons why Ukraine decided to have an excursion into Russia in that specific region, according to Bloomberg. Temperatures are starting to ease in Egypt, which means the country’s massive energy demand could end in the coming weeks. …

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Filed under: News - @ August 8, 2024 8:18 pm