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According to Fox News: The latest round of US strikes against Iran is larger than last nights operation. US and Bahraini forces shot down nine Iranian drones that were heading towards US forces in Bahrain.According to the Islamic Republic of Iran Broadcasting (IRIB): Several shells struck a village on Qeshm Island.On June 28, U.S. Central Command issued a statement saying that on June 27, under the command of the Commander-in-Chief, U.S. Central Command forces conducted additional strikes against multiple Iranian targets. Following yesterdays U.S. strikes against Iran in response to its attack on the cargo ship "M/V EverLovely," Iran had an opportunity to uphold the ceasefire agreement, but its forces launched a one-way attack drone strike this morning (4:30 AM ET on Saturday), hitting and destroying the oil tanker "M/T Kiku." The Panamanian-flagged tanker was sailing near the Strait of Hormuz at the time, carrying more than two million barrels of crude oil. Today, U.S. Central Command forces responded to Irans continued attacks on merchant ships, with U.S. warplanes striking Iranian military surveillance facilities, communication systems, air defense sites, drone storage facilities, and mine-laying capabilities. Merchant ships continue to transit the Strait of Hormuz. The U.S. military remains vigilant and ready to respond.June 28 - The United States launched a military strike against Iran on June 27 local time.June 28 - Neuberger portfolio manager Joseph Purtell said, "In the short term, the dollar is likely to remain strong due to rising US real interest rates." He believes the dollar is poised to break out of its six- to nine-month range, but added that in the long term, the dollar may weaken given structural issues such as the fiscal sustainability of the US government.

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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