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March 7 (Reuters) - U.S. Democratic Senator Mark Kelly proposed on Friday to suspend the federal gasoline tax of 18.4 cents per gallon until October 1 to help Americans facing rising gas prices due to the U.S.-Israel-Iran conflict. According to data from AAA, a U.S. travel organization that tracks fuel prices, national gasoline prices rose 35 cents in the past week, reaching an average of $3.32 per gallon. Political analysts say the continued rise in gasoline prices could be detrimental to Trumps Republican allies in the November midterm elections, who are striving to retain their congressional majority. Kelly plans to submit the bill to the Senate next week. If the bill passes, the U.S. Treasury Department will oversee the implementation of the tax suspension to ensure that the saved tax revenue is truly used to lower gasoline prices and benefit consumers.March 7 – According to AFP and other foreign media reports, the White House confirmed on March 6 that US President Trump will attend the handover ceremony for the remains of six US soldiers on March 7. White House spokesman Levitt stated, "Tomorrow he (Trump) will travel to Joint Base Dover to attend the handover ceremony for the remains of six service members killed in the Iranian attack on our forces." The report states that the ceremony will be held at Dover Air Force Base in Delaware, which is responsible for receiving the remains of US soldiers killed overseas.According to Iranian media, an airstrike targeted the area near Freedom Square in downtown Tehran.According to The Economist India: India has instructed refineries to increase liquefied petroleum gas (LPG) production after activating emergency powers.March 7 - The State Council Information Office will hold a briefing at 3:00 p.m. on Saturday, March 7, 2026, inviting Zheng Bei, Vice Chairman of the National Development and Reform Commission, to interpret the "Outline (Draft)" of the 15th Five-Year Plan and answer questions from reporters.

Natural Gas Price Prediction: XNG/USD recovers from its largest daily loss in a month to trade near $2.20 on sluggish markets

Alina Haynes

Apr 13, 2023 14:06

截屏2023-01-19 下午3.42.24.png 

 

Early Thursday morning in Europe, the price of Natural Gas (XNG / USD) fluctuates around $2.22. In doing so, the energy instrument justifies the market's inaction while searching for additional clues for a clear direction after declining the most in a month the day before.

 

Nonetheless, growing concerns of recession, or at least weaker growth numbers, in the West combined with discussions of Northern Ireland's (NI) prohibition on Russian gas imports to weigh on XNG/USD prices the day before. Notably, China's disappointing inflation data also put downward pressure on the price of Natural Gas before the dragon nation's recent trade data provided a tailwind.

 

Headlines from the International Monetary Fund (IMF) and the World Bank (WB) indicate apprehensions of sluggish growth, if not recession, for the global economy in the future. On the same line could be macros predicting milder weather in the West and more restrictions on Russian gas from countries on the old continent, specifically Europe.

 

Notably, however, weak US inflation and dovish Fed Minutes impact on the US Dollar, allowing the XNG/USD to consolidate yesterday's losses as traders search for additional catalysts following a volatile Wednesday.

 

Ten-year and two-year Treasury bond yields in the United States show modest gains of 3.41 and 3.91 basis points, respectively, while reflecting the current state of the economy. In spite of this, US 10-year Treasury bond yields halted a three-day uptrend with modest losses to around 3.40 percent, while the two-year counterpart yielded the first daily decline in five days to reach 3.96 percent. Moreover, despite Wall Street's disappointing close, S&P 500 Futures post modest gains, whereas Japan's Nikkei 225 index is currently up 0.60 percent intraday.

 

The US Energy Information Administration (EIA) Natural Gas Storage Change for the week ending April 7, prior -23B, will be crucial for intraday direction moving forward. Nevertheless, the US US Producer Price Index (PPI) for March and Friday's preliminary readings of the Michigan Consumer Sentiment Index for April, as well as risk catalysts, may also attract XNG/USD traders' attention.


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