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Natural Gas fails to find firmer traces, eaches a new 33-month low near $2.13 per barrel

Daniel Rogers

Apr 03, 2023 14:10

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Natural Gas (XNG/USD) price disregards Oil's rally and falls to a new 33-month low near $2.13 on Monday morning. The energy instrument's recent volatility may be attributable to concerns about milder weather in the West, as well as the US Dollar's recent rebound ahead of March's crucial employment report.

 

In spite of this, the Organization of Petroleum Exporting Countries (OPEC) and its allies, headed by Russia and known as OPEC+, unexpectedly announced a 1.16 million barrels per day output reduction, which exacerbated inflationary concerns. As a result, traders may reevaluate their prior optimism regarding future inflation ease, which encourages central policymakers to maintain their hawkish bias and permits the US Dollar to nurse its wounds. As of press time, the US Dollar Index (DXY) is up 0.33 percent intraday near 102.32.

 

Not only did OPEC+-induced inflation concerns and a stronger US dollar weigh on XNG/USD prices, but China's disappointing PMI data also contributed to the decline.

 

China's Caixin Manufacturing PMI for March decreased to 50.0 from 51.6 previously and 51.7 market forecasts.

 

On a separate page, discussions of milder weather in the West and increased gas supplies from Germany exert downward pressure on the XNG/USD exchange rate.

 

In light of these maneuvers, the price of Natural Gas may continue to be under pressure toward the $1.53 mark in 2020. However, today's US ISM Manufacturing PMI and S&P Global Manufacturing PMI for March can provide intraday guidance for commodity prices before Friday's US Nonfarm Payrolls report. (NFP).


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