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On June 13, European Central Bank Governing Council member and Bundesbank President Jean-Claude Nagel stated in an interview with German radio that even if the war with Iran ends quickly, prices may remain high for a longer period. Nagel said, "We may not even be able to return to the data levels we were based on before the conflict, because supply chains have clearly changed, and risk premiums may have increased." He was referring to the premiums that might be required for transporting goods through the Strait of Hormuz. Nagel stated, "I almost doubt we will ever return to the state before this regional conflict." The world "may continue to be affected by uncertainties and changes beyond the conflict." He indicated that interest rate hikes in the short term would make "refinancing" more expensive. "But in the long run, by clearly defining price stability as part of (economic health), we are making the greatest contribution to the economy."Market news: Indias pollution regulator has found that Tata Groups iPhone component factory has contaminated groundwater in nearby farmland.Market news: Irans Chief Justice stated that the confrontation between Tehran and the United States and its allies will not end, and warned people not to trust Washington on the occasion of the 12-day war anniversary.Iranian Parliament National Security Committee Chairman Ibrahim Aziz: A proposed bill on the management of the Strait of Hormuz will cover transit rules and the rights of the Iranian people.On June 13, an official from the State Internet Information Office answered reporters questions regarding the "Guidelines." Currently, the financial information service sector is developing in an orderly manner, with data volume expanding and flow becoming more frequent, necessitating standardized management through classification and grading. To implement legal and regulatory requirements, the State Internet Information Office, the Peoples Bank of China, and five other departments jointly formulated and issued the "Guidelines," aiming to provide systematic, targeted, and operational guidance for financial information service institutions to conduct data classification and grading work, standardize financial information service data processing activities, improve data security, and promote the legal, rational, and effective use of data. Regarding data classification, the "Guidelines" categorize financial information service data according to its business attributes. The primary classification includes three categories: business data, user data, and enterprise data. These are further subdivided into nine secondary categories and 67 tertiary categories.

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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