- Natural Gas prices are popping back above $1.80.
- Gas traders saw prices swing higher even as the US Dollar strengthened.
- The US Dollar Index trades just below 104.00 after the inflation-data hiccup.
Natural Gas prices (XNG/USD) consolidate on Friday above $1.80 after shooting higher on Thursday with markets rattled in all asset classes. The flight to the US Dollar (USD) and commodities came on the back of a nosedive move in equities and bonds. Meanwhile, tensions in the Middle East are flaring up again after secretive talks between the US and Iran were held with Houthi Rebels, who were asked to back off in the Red Sea.
The US Dollar had a field day on Thursday and saw pure safe-haven inflows. These Came on the back of a domino effect that originated with a surprise uptick in US Producer Price Index (PPI) data. That triggered fear of possibly another delay in the initial rate cut timing from the US Federal Reserve (Fed), and forced a repricing in the markets from June towards September. This helped the DXY US Dollar Index jump on the charts, placing the USD in the green against nearly every major G20 peer.
Natural Gas is trading at $1.86 per MMBtu at the time of writing.
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