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Natural Gas prices are up over 2.5% on the day. China’s biggest LNG buyers placed orders to further expand its LNG tanker fleet. The US Dollar Index sinks after US CPI shows the economy is back on track in its disinflationary path.  Natural Gas price (XNG/USD) is unchained and prints again near 2.6% gains on Thursday, reaching the highest level in four months and breaking another important technical level on more headlines that China is cornering the Gas markets. China National Offshore Oil Corporation has placed an order for 12 ships worth 16 billion($2.2 billion) for Liquified Natural Gas (LNG) tankers. This adds to news that several trading hubs such as London have confirmed that more Chinese participants are buying up contracts at local European and US Gas markets.  The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies,  is trading substantially lower after recent Consumer Price Index (CPI) data revealed that the US inflation resumed its decline. Although markets were quick to price in again two rate cuts for 2024, all US Federal Reserve officials and even Fed Chairman Jerome Powell are very vocal in pushing back on those bets by saying that rates might be staying longer at current levels. The trading conditions for the Greenback have changed and could now see further easing (or selling)with every economic data point undershooting market expectations.  Natural Gas is trading at $2.65 per MMBtu at the time of writing.   Natural Gas news and market movers: Ahead EIA While US Gas prices are going through the roof, European Gas markets are rather trading steadily in a tight range with sluggish demand in play with Europe still carrying robust stocks into its refueling season. For nearly four months, no LNG carrier has passed through the Red Sea ever since the…

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Filed under: News - @ May 16, 2024 10:26 pm