Natural Gas prices (XNG/USD) are on a sharp upward trajectory, aiming to test the critical $1.90 resistance level. Over the past five days, gas prices have soared by nearly 20%, with XNG/USD alone recording a 6% surge today.
According to market analysts, the rally is driven by a combination of factors, including geopolitical tensions in the Middle East and Ukraine, increased focus on environmental, social, and governance (ESG) factors, and unexpected production outages in the US and Norway.
In parallel, the US Dollar Index has surged to 104.00 following a dovish interest rate hike by the Bank of Japan (BoJ), adding further momentum to the upward movement in natural gas prices.
Stay tuned for more updates on this developing story.
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