Analysis and Recommendations: Natural Gas tumbled 61 points as the cooler weather never materialized and warmer temperatures might be in the near term.
Analysis and Recommendations:
Natural Gas tumbled 61 points as the cooler weather never materialized and warmer temperatures might be in the near term. Natural gas is trading at 3.896 ahead of tomorrow’s EIA inventory report. Traders maintained a bearish bias in the commodity on expectations that warmer to largely normalized temperatures were seen in much of US Western and North-Central region which might continue to keep demand for the commodity subdued in coming days As per Bloomberg news, WSI Corp earlier said temperatures would be mostly normal or higher than usual in the lower 48 states from Oct. 11 through Oct. 15. On additional negative note, EIA in its STEO said, Households relying on NG will see heating costs drop 4.6% to $649 as compared to previous winter. Continued higher supplies are expected to keep a lid over the commodity in coming winter. U.S. natural gas futures gained 1.5 percent on Tuesday on technical buying and despite forecasts calling for milder-than-normal temperatures over the next two weeks.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
WEEKLY
Natural Gas Weekly Update
Release Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
Weekly Natural Gas Storage Report
Release Schedule: Thursday at 10:30 (Eastern Time) (schedule)
Today’s economic releases actual vs. forecast:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
JPY |
Adjusted Current |
0.13T |
0.19T |
0.10T |
|
|
|
JPY |
Current Account n.s.a. |
0.287T |
0.198T |
0.417T |
|
|
|
CNY |
HSBC Services PMI |
53.5 |
53.8 |
54.1 |
|
|
|
JPY |
BoJ Monthly Report |
|
|
|
|
|
|
GBP |
Halifax House Price |
9.6% |
9.6% |
9.7% |
|
|
|
GBP |
Halifax House Price |
0.6% |
0.2% |
0.0% |
||
|
CAD |
Housing Starts |
|
196.0K |
192.4K |
|
|
|
USD |
FOMC Meeting Minutes |
|
|
|
Upcoming Economic Events that you should be monitoring:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
GBP |
RICS House Price Bal. |
|
38% |
40% |
|
|
|
AUD |
Employment Change |
|
-30.0K |
121.0K |
|
|
|
AUD |
Full Employment |
|
|
14.3K |
|
|
|
AUD |
Unemployment Rate |
|
6.2% |
6.1% |
|
|
|
EUR |
German Trade Balance |
|
18.5B |
22.2B |
|
|
|
EUR |
ECB Monthly Report |
|
|
|
|
|
|
GBP |
Interest Rate Decision |
|
0.50% |
0.50% |
|
|
|
USD |
Initial Jobless Claims |
|
294K |
287K |
|
|
|
CAD |
New Housing Price |
|
0.2% |
0.0% |
|
|
|
EUR |
ECB President Draghi |
|
|
|
Government Bond Auction
Date Time Country Auction
Oct 08 09:30 Germany Eur 4.0bn Oct 2019 Bobl auction
Oct 08 09:30 Swiss Bond auction (for decision)
Oct 08 15:30 Italy Announces details of BTP
Oct 08 17:00 US 10Y Note auction
Oct 09 09:03 Sweden I/L bond auction
Oct 09 17:00 US 30Y bond auction
Oct 10 09:10 Italy BOT auction