Natural Gas Futures: Rally poised to extend further

Pablo Piovano FXStreet

According to flash data from CME Group for natural gas futures markets, open interest rose the most since June 30 on Thursday, now by more than 24K contracts. Volume followed suit and went up by around 304.2K contracts, almost doubling Wednesday’s reading and posting the largest single-day increase since May 17.

Natural Gas now targets $4.70

Prices of natural gas jumped more than 7% on Thursday, reaching new 2021 highs beyond $4.21 per MMBtu. The sharp move was accompanied by rising open interest and volume, indicative that further upside remains well on the cards in the short-term horizon. That said, the next target of note aligns at the December 2018 peak near $4.70.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD consolidates above 0.7200 after hot Chinese CPI data

AUD/USD is extending its consolidative price action above 0.7200 during the Asian session on Wednesday, uninspired by hot Chinese CPI and PPI data. Meanwhile, rising RBA rate-hike bets act as a tailwind for the Aussie amid Yen-inspired US Dollar weakness. Traders await the release of US inflation figures later in the week for fresh impetus.

USD/JPY rises above 153.50 on renewed USD strength

USD/JPY shakes off the bearish pressure and trades above 153.50 in the American session on Wednesday. The US Dollar (USD) stages a rebound following the US Treasury buyback announcement and helps the pair gain traction. Nevertheless, solid Japanese data reinforce expectations that the BoJ will continue normalising monetary policy, lending further support to the Yen and capping the pair's upside for now.

Gold regains balance above $4,400

Gold rebounds on Wednesday, snapping a three-day losing streak and reclaiming the are beyond the key $4,400 mark per troy ounce. The precious metal’s bounce comes amid further selling pressure on the US Dollar and steady uncertainty on the geopolitical front.

XRP extends recovery as ETF inflows, futures interest stabilize

Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.