1. Natural Gas Prices Explode
Natural gas prices rose almost 18 percent last Wednesday before falling the following day. This Wednesday, prices have recovered to last week’s highs with NGAS last seen trading at $4.73, more than 5% higher than yesterday’s close. A spike in gas prices should not be surprising given the extreme weather phenomena around the world and as we go through the winter months. Natural Gas prices are expected to continue to rise all the way to February. Meanwhile, a global shortage of natural gas is expected to boost NGAS even higher this winter.*
2. Global Slowdown Fears Raise Safe Haven Prices
Investors opted for safe haven assets and currencies on Wednesday amid escalating worries over slowing global growth and as the China-U.S. trade war continues to rage on. Specifically, metals like Gold (XAUUSD), silver (XAGUSD) are in the green today, having added 0.3% and 0.9% respectively as of 8:20 GMT. Meanwhile, the dollar had been under pressure for most of this week as cautious comments by Federal Reserve officials and surprisingly weak U.S. economic data suggested the central bank could slow the pace of monetary policy tightening.**
3. Oil Prices Recover After Steep Plunge
Oil prices recovered on Wednesday, after a report by the American Petroleum Institute late on Tuesday that U.S. commercial crude inventories fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16. Specifically, International Brent crude oil futures (CL_BRENT) were last seen trading at $63.41 per barrel having added 1.4% as of 8:20 GMT while Crude WTI Futures (USOIL) were last seen trading at $54.47 per barrel up almost 2% for the day.***
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*Source: Forbes, Nov 21, 2018, 6:25 AM GMT
**Source: Reuters, Nov 21, 2018, 4:16 AM GMT
***Source: CNBC, Nov 21, 2018, 3:03 AM ET
