Author: wC5xQ3oS0w

Natural gas prices soared as the US government reported a less-than-expected increase in inventory over the past week. Meanwhile, Russia’s threat to cut off gas supply for Ukraine also raised concerns over the supply to other European countries. The front-month Nymex contract for natural gas climbed for a 4th day and rose to the highest in a month yesterday before settling the day at 4.67, up +1.74%. On other commodities, crude oil dropped, in line with the fall in the stock markets.

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Gas Prices Gain as Russia Threatens to Cut Supply

Undoubtedly, the focus this week is the FOMC meeting after which the Fed would announce its monetary stance as well as the latest set of economic projections. There has been a wide range of views over whether the Fed would begin tapering this month or early next year.

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FOMC and US Eco Data in Focus

Commodity prices weakened despite USD’s weakness yesterday. The greenback was pressure as Fed’s vice chairman Janet Yellen affirmed in her letter to the senators that “US monetary policy will probably remain very easy for a long while, even after either the Fed’s interest rate hike threshold on lower unemployment, or inflation, has been crossed”.

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US Dollar Pressured amid Dovish Comments from Fed Officials, Commodities Failed to Benefit