Natural Gas price (XNG/USD) trades in a narrow range around $2.80 on Tuesday after a more than 6% surge on Monday on reports that Norway was facing delivery issues in its Gas supply to Europe.
Natural Gas prices shot higher on Monday after reports on Norway supply issues. Meanwhile the option markets show fatigue in the overextended long positioning. The US Dollar Index jumps higher on Tuesday on safe-haven inflow after it sank on Monday. Natural Gas price trades in a narrow range around $2.80 on Tuesday after a more than 6% surge on Monday on reports that Norway was facing delivery issues in its Gas supply to Europe.
Futures data reveals that long positions are getting too crowded, which could drive a correction with traders unwinding their positions and cashing in on their gains in the near future, while Europe is in a good position to get fully refueled ahead of the next heating season. The $3.00 marker as a big figure was tested in May. The pivotal level near $3.07 remains key as prices failed to post a daily close above it. Further up, the fresh year-to-date high at $3.16 is the level to beat.
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