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Natural Gas prices extend rally on rumors of Russia displacing borders in Baltic Sea.  Unforeseen Norwegian outage adds to concerns for European refueling.  The US Dollar Index enters a volatility patch with a bulk release of data points set to this Thursday.  Natural Gas price (XNG/USD) has added another piece to its staggering performance for this year. Since the low of February 24th at $1.6290, gas prices have rallied near 90% to $3.08 on Wednesday. The recent surge comes after Russia communicated that it will redraw borders in the Baltic Sea for its exclave Kaliningrad and around a few Russian Islands near St. Petersburg, heightening tensions for all Baltic and Scandinavian countries in the region with risk that Russia could cut off and control the entrance to the Baltic Sea.  The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies,  is trading higher after markets got spooked by concerns issued by several Federal Reserve members in the release of the Fed Minutes. The DXY had to give up those gains after European, and more specifically Germany’s, Purchase Managers Services Index (PMI) jumped above consensus and further advanced above 50 to 53.9. Later this Thursday US PMI’s are expected together with some regional Fed Activity trackers.  Natural Gas is trading at $3.14 per MMBtu at the time of writing.   Natural Gas news and market movers: Russia rattles markets Russia has launched another missile attack on the Ukrainian city Kharkiv, leaving six people killed.  Norway has reported that an unplanned outage at its Kollsnes gas processing plant is causing a supply disruption of around 8.6 million cubic meters per day. The duration of the outage is uncertain, Gassco reported. A recent court ruling in favor of an undisclosed European energy company ending payments to Gazprom PJSC, might see the…

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Filed under: News - @ May 23, 2024 10:22 pm