That said, a waiver of Democratic City’s Natural Gas ban renews hopes of more XNG/USD demand. “A federal appeals court ruled unanimously Monday that a natural gas ban proposed by the City of Berkeley, California, would illegally circumvent federal law,” said Fox. On the same line, hopes of China’s gradual recovery and receding fears of recession underpin the hopes of more Natural Gas demand.
Talking about the data, the NY Empire State Manufacturing Index jumped to 10.8 for April while snapping the four-month downtrend, as well as marking the highest level since July last year. Further, the US National Association of Home Builders housing market index also rose for the fourth consecutive month in April to 45, versus 44 expected and prior reading.
Moving on, China’s Q1 GDP, expected 2.2% QoQ versus 0.0% prior, can offer immediate directions to the Natural Gas price ahead of the US PMIs and weekly gas inventory data from the US Energy Information Administration .While two-month-old horizontal support puts a floor under the Natural Gas price near $2.13, the XNG/USD recovery needs validation from a downward-sloping resistance line from January 12, near $2.63, to convince buyers.
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