- Natural Gas price prints mild gains after declining to the lowest levels since August 2020 the previous day.
- Fears of supply crunch allow XNG/USD bears to take a breather at multi-month low.
- US Dollar rebound, expectations of warmer weather in Europe challenge gas buyers.
- Market sentiment, inflation data from China and US will be important for fresh impulse.
Natural Gas (XNG/USD) picks up bids to consolidate recent losses around $2.17, up 0.65% intraday during early Monday. In doing so, the energy source recover from the lowest levels in 20 months, marked the previous day, amid supply crunch fears emanating from China and Russia.
Taiwan President Tsai Ing-wen’s US visit triggered a fresh bout of US-China woes as Beijing conducts strong military drills near Taiwan Strait. The same could be considered as a risk-negative and a major challenge for Gas transportation, which in turn allows the XNG/USD to lick its wounds near the lowest levels since August 2020. “China's military simulated precision strikes against Taiwan in a second day of drills around the island on Sunday, with the island's defense ministry reporting multiple air force sorties and that it was monitoring China's missile forces,” reported Reuters.
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