By Areena Fx- Natural Gas is steady and trades sideways in a tight range.
- Traders are looking for good news out of Freeport, where production should reopen.
- The US Dollar index trades flat above 105.00 and looks for direction after a boring Powell speech.
Natural Gas price (XNG/USD) is unable to extend the bounce it triggered on Monday and trades steady in a tight range on Wednesday. The more than ten-day correction finally snapped after Natural Gas reached a pivotal level at $2.29 and has been afloat since then. Traders are on the lookout for any news from the Freeport production plant in the US after storm Beryl forced to reduce production sharply to only 20%, creating uncertainty about Gas deliveries for Europe and other parts of the world.
Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is also having some issues. US Federal Reserve (Fed) Chairman Jerome Powell was unable to deliver anything new in his semi-annual testimony before the US Congress. Traders are facing boredom in hearing the same repeated message again that it is too early to cut interest rates.