NATGAS plunged below $6MMBtu as weather forecasts for the US predict higher temperatures over the next two weeks. Meanwhile Freeport is expected to postpone resumption of gas exports to the end of the year from mid-December, leaving more gas in the domestic market. On the supply side, average gas output in the US Lower 48 states jumped to a record 99.5 bcfd last month, up from 99.4 bcfd in October. At the same time, US officials are trying to prevent a railroad worker strike that could disrupt coal deliveries and force power generators to burn more gas. On the other hand, demand for LNG remains robust especially from Europe, which may limit the downward move. From a technical point of view, NATGAS price approaches key support at $5.72, which is marked with previous price reactions. Should break lower occur, downward move may accelerate towards October lows at $5.35.
NATGAS, H4 interval. Source: xStation5
Oil down nearly 5% following the announcement that European diesel reserves will be released💡
🟡Gold takes a breath, because of oil, not NFP
Daily Summary: Wall Street Recovers as Micron Shines and Oil Prices Rise Again
The US has a Diesel problem. Now Europe is being asked to open its reserves
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.