Natural Gas extends its decline and sinks to $2.56 on Monday.
Investors see China cutting LNG imports after prices peaked above $3.0 in June.
The US Dollar index retraces after the Euro outpaced the Greenback on Monday, offering support to XNG/USD.
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It seems that the demand and hunger for LNG in China is not that big once prices are heating up, while European Gas prices are moving higher after a local temperature surge and the energy demand rose again.
Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, retraces as the Euro (which represents nearly 57.6% of the Index) outpaces the Greenback after the French government elections held on Sunday, with a win for the far right not being that convincing and still all possible outcomes on the table ahead of the second round vote on July 7. Traders are also gearing up for a crammed US economic calendar, with the US Jobs Report on Friday as the cherry on the cake.
Natural Gas is trading at $2.56 per MMBtu at the time of writing.
