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Euro Stoxx 50 futures fell 0.6%, German DAX futures fell 0.8%, and UK FTSE 100 futures fell 0.2%.S&P 500 futures fell 0.38%, and Nasdaq futures fell 0.4%.March 26 – At 11:00 AM local time today (March 26), according to Japans Ministry of Economy, Trade and Industry, the release of Japans national oil reserves began at the Kikuma National Oil Reserve Base in Imabari City, Ehime Prefecture. The Japanese government plans to release reserves from nine bases nationwide, including Kikuma, throughout this month, with two more added in April, ultimately reaching eleven bases across the country. The total estimated release is approximately 8.5 million kiloliters, equivalent to about one months domestic oil consumption. The released national oil reserves will be sold by the Japanese government to the four major oil wholesalers for approximately 540 billion yen, who will then process them into gasoline and other refined petroleum products for the market. In addition, the Japanese government also plans to cooperate with oil-producing countries to release the "Joint Oil Reserves" stored within Japan, equivalent to about five days worth of consumption, this month.On March 26th, Goldman Sachs portfolio strategy team downgraded its rating on Indian stocks from "overweight" to "neutral" in a research report, citing the anticipated prolonged period of high energy prices and the resulting deterioration of Indias macroeconomic structure. Given Indias vulnerability to energy shocks, Goldman Sachs economists lowered their 2026 GDP growth forecast for India by 1.1 percentage points to 5.9%. The team also cumulatively lowered its earnings growth forecast for Indian stocks over the next two years by 9 percentage points. Furthermore, the team anticipates a weakening of investor confidence in Indian stocks in the short term. The team lowered its 12-month target price for the Nifty 50 index from 29,300 points to 25,900 points. The Nifty 50 index closed up 1.7% at 23,306.45 points.Israel Defense Forces: We recently completed a large-scale strike operation targeting Iranian infrastructure in multiple regions within Iran.

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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