Natural Gas (XNG/USD) trades higher on Tuesday after attacks between Ukraine and Russia, targeting both Gas and Oil storage facilities, intensified over the weekend.
Natural Gas prices are soaring by 2% on Tuesday. Traders are sending gas prices higher after both Russia and Ukraine attacked gas storage facilities on both sides. The US Dollar Index eases further and could soon test 104.00. Natural Gas trades higher on Tuesday after attacks between Ukraine and Russia, targeting both Gas and Oil storage facilities, intensified over the weekend.
From a technical perspective, a runup higher should follow suit. With Russia building up further pressure on Ukraine and Israel feeling left behind by the US, supply risk increases, with a quick rally to $2.00 possible. On the upside, the key $2.00 level needs to be regained first, with the 55-day Simple Moving Average coming in as well. The next key mark is the historic pivotal point at $2.13.
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