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March 24th Futures News: 1. WTI crude oil futures trading volume was 1,964,357 lots, an increase of 687,463 lots from the previous trading day. Open interest was 2,008,082 lots, a decrease of 27,726 lots from the previous trading day. 2. Brent crude oil futures trading volume was 428,868 lots, an increase of 197,686 lots from the previous trading day. Open interest was 312,147 lots, an increase of 14,555 lots from the previous trading day. 3. Natural gas futures trading volume was 584,140 lots, an increase of 148,258 lots from the previous trading day. Open interest was 1,498,754 lots, a decrease of 12,408 lots from the previous trading day.Philippine President: Grounding aircraft is "very likely" due to fuel shortages caused by the war with Iran.Iranian Foreign Minister: During a phone call, the Iranian Foreign Minister and the Egyptian Foreign Minister emphasized the need to continue consultations.On March 24th, Eastspring Investments stated that inflation in major global and Asian economies is expected to rise by an average of 0.4 percentage points due to the impact of the Iran war. Continued increases in energy prices are likely to gradually affect central bank inflation expectations. While most Asian economies are unlikely to cut interest rates in the near term, policy tensions could escalate over time. In the equity market, further corrections are expected as risks shift from inflation to growth. Furthermore, oil price volatility could lead to divergences in industrial production across Asian manufacturing economies; however, strong AI-driven demand supporting North Asian technology exporters should remain robust.Euro Stoxx 50 futures fell 0.9%, FTSE 100 futures fell 0.66%, and DAX futures fell 0.85%.

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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