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As of 8:30 on July 8, 2026, Brent crude oil, WTI crude oil and other commodities saw the largest fluctuations. A chart reviews the overnight price changes in the international market and their corresponding theoretical mappings in the domestic market.International oil prices continue to rise, with US crude oil breaking through $72. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver prices continued to rise slightly, with spot gold surpassing the $4,100 mark. A quick overview of the pre-market prices of precious metals in both domestic and international markets is provided in this chart.On July 8th, Bank of Japan policy board member Toshiro Asada stated that he must see signs of demand-driven inflation before supporting an interest rate hike, but he also noted that the transmission of rising costs is "relatively fast," suggesting he might vote for a rate hike in the future. Asada made these remarks in his first interview since joining the policy board. He is a policy board member appointed by dovish Prime Minister Sanae Takaichi. The Bank of Japan raised interest rates to a 31-year high of 1% in June, and Asada was the sole dissenter on that decision. He stated that he voted against the rate hike because of the continued uncertainty surrounding the Middle East situation, which could impact output and employment. A key prerequisite for supporting future rate hikes is that Japan has the conditions to sustainably achieve its 2% inflation target. "Furthermore, I believe it is necessary to confirm that this target is achieved with the support of endogenous economic forces such as wage increases and demand expansion," he added, noting that these forces are currently insufficient to justify a rate hike. However, Asada stated that future decisions will depend on the economic conditions at that time. Although oil prices are falling and consumer inflation is slowing, the effects of previous oil price increases are being transmitted "relatively quickly" and could lead to a general rise in prices across various commodities.Futures News, July 8th - According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in external markets. International crude oil futures surged 3% on Tuesday due to the attack on ships near the Strait of Hormuz, and high temperatures and dry weather in the US Midwest, threatening soybean crop growth, boosted Chicago soybean and soybean oil futures, which should help Malaysian crude palm oil futures in early trading. Brent crude oil futures climbed further during Wednesdays electronic trading session. However, the strengthening of the Malaysian ringgit against the US dollar and market speculation that Malaysian palm oil inventories may increase at the end of June will limit the upward momentum in the palm oil market. The Malaysian Palm Oil Board (MPOB) will release monthly data on July 10th. A survey shows that palm oil inventories will reach 2.5 million tons at the end of June, an increase of approximately 3% month-on-month.

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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