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On November 26th, former Bank of Japan board member Kazuo Monma stated in an interview that the recent weakening of the yen is increasing the likelihood of the Bank of Japan raising its benchmark interest rate next month. He said, "Unless there is significant negative news and the yen remains at its current level, the probability of a rate hike in December is quite high. There is really no need to wait for stronger signals from wages, prices, or economic indicators." Monma added, "The weak yen is the biggest enemy of the governments measures to combat rising prices. Prime Minister Sanae Takaichis high approval rating stems from public expectations of her addressing the cost of living issue, so the effectiveness of her measures is crucial to her governance. If the yen becomes an obstacle, she is likely to feel the need to curb its decline." However, Monma also indicated that he does not rule out the possibility that the central bank will wait until January next year to act, at which time it will have more data to confirm the momentum of wage increases next year and the resilience of the US economy.The API reported that U.S. crude oil production increased by 337,000 barrels per day in the week ending November 21, compared with 303,000 barrels per day in the previous week.U.S. refined product imports for the week ending November 21 were 245,000 barrels per day (API), compared to a -336,000 barrels per day in the previous week.U.S. crude oil imports for the week ending November 21 were -319,000 barrels, compared to 396,000 barrels in the previous week.U.S. heating oil inventories fell by 137,000 barrels in the week ending November 21, compared with a previous weeks decrease of 317,000 barrels.

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

Alina Haynes

Mar 14, 2023 13:12

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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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