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On October 31st, European Central Bank (ECB) Governing Council member Kazakowski stated that the ECB must be cautious in interpreting the inflation forecasts to be released in December to avoid making capricious policy decisions based on these projections. The Latvian central bank governor pointed out that while seeing the price trend forecasts for 2028 for the first time will help officials assess whether the ECB is still on track to achieve its 2% target, the high level of uncertainty means the forecasts are exceptionally likely to be revised. He added that prudence is a virtue that policymakers should uphold. Kazakowski stated, “The 2028 forecasts are very important; we need to see the direction of inflation, but I wouldn’t overestimate their importance. Uncertainty remains high and is unlikely to disappear, therefore these forecasts will come with a very large margin of error.”Hua Hong Semiconductor (01347.HK): Mr. Bai Peng has been appointed as Chairman of the Board, Chairman of the Nomination Committee, and Authorized Representative of the Company. Mr. Tang Junjun has resigned as Executive Director, Chairman of the Board, and Chairman of the Nomination Committee of the Company. Mr. Tang will also cease to be an Authorized Representative of the Company.Netflix (NFLX.O) rose 3.3% in pre-market trading after the company announced a 10-for-1 stock split.The onshore yuan closed at 7.1135 against the US dollar at 16:30 on October 31, down 28 points from the previous trading day.JPMorgan Chase raised its price target for Reddit (RDDT.N) from $190 to $227.

Natural Gas prices fall below $2.70 despite USD Index attempts to recover, and demand concerns grow

Alina Haynes

Mar 14, 2023 13:12

截屏2023-01-19 下午3.42.24.png 

 

After a perpendicular recovery to close to $2.70 in the Asian session, Natural Gas futures have turned sideways. Weakness in the US Dollar Index (DXY), in general, has aided the upward bias in natural gas prices. Natural Gas futures appear vulnerable near $2.70 as the USD Index has demonstrated a recovery move to near 103.90 as investors become anxious ahead of the release of the United States Consumer Price Index (CPI) data.

 

The Federal Reserve's decision to raise interest rates is anticipated to have a negative impact on industrial demand for natural gas (Fed). The market anticipates that Fed chair Jerome Powell's scheduled rate hikes will lead to a recession in the near future.

 

Meanwhile, Winter is nearing its conclusion and summer has not yet arrived. Consequently, demand for residential purposes to heat domestic spaces will remain low. Additionally, because residences will require less electricity to operate air conditioners, power companies are less reliant on natural gas.

 

The recent decline in the USD Index is what has given Natural Gas prices new life. The US Energy Information Administration's (EIA) inventory data, which is released every Thursday, will dominate this week's trading in Natural Gas futures.

 

Going forward, investors eagerly anticipate the publication of US inflation data in order to form a new consensus. According to the projections, the headline CPI could fall to 6.0% from the previous release of 6.4%. And, core inflation, which excludes crude and food prices, is anticipated to decrease slightly to 5.5% from the previous release of 5.6%.

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