Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
You can access both of our platforms from a single Saxo account.
Natgas trades higher as US cold snap bites back
Ole Hansen
Head of Commodity Strategy
Summary: Diverging northern hemisphere weather patterns are playing on natural gas prices on both sides of the Atlantic divide.
Update: The weekly stock report from the US Energy Information Administration showed a smaller than expected drop in US natural gas inventories last week. The 166 bcf reduction initially triggered a small correction but prices quickly recovered, supported by the aforementioned cold front and the fact that the deficit relative to the five-year average rose to 424 bcf or 21.6%.
While Europe has been basking in glorious sunshine and temperatures well above the seasonal average, the opposite can be said for the US. The short-term outlook from US NOAA shows a very high probability of colder than normal temperatures for the next 6 to 10 days across most of the US. So while gas prices in Europe has seen downward pressure this past month, US natural gas has continued to climb higher after once again finding support ahead of $2.50/therm.
While Europe has been basking in glorious sunshine and temperatures well above the seasonal average, the opposite can be said for the US. The short-term outlook from US NOAA shows a very high probability of colder than normal temperatures for the next 6 to 10 days across most of the US. So while gas prices in Europe has seen downward pressure this past month, US natural gas has continued to climb higher after once again finding support ahead of $2.50/therm.
The EIA will publish its weekly stock report at 15:30 GMT today. Analysts expect a larger-than-normal inventory draw of 174 bcf, well above the five-year average of 104 bcf.
Following another roller coaster winter where prices have been dealing with bouts of cold weather together with rising production, the price has once recovered after finding support ahead of key support at $2.52/therm.
Latest Market Insights
Quarterly Outlook
-
-
Quarterly Outlook
Equity Outlook: Will lower rates lift all boats in equities?
Peter Garnry
Chief Investment Strategist
After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto... -
Quarterly Outlook
FX Outlook: USD in limbo amid political and policy jitters
Charu Chanana
Chief Investment Strategist
As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ... -
Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c... -
Quarterly Outlook
Commodity Outlook: Gold and silver continue to shine bright
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
FX: Risk-on currencies to surge against havens
Charu Chanana
Chief Investment Strategist
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo... -
Quarterly Outlook
Equities: Are we blowing bubbles again
Peter Garnry
Chief Investment Strategist
Explore key trends and opportunities in European equities and electrification theme as market dynami... -
Quarterly Outlook
Macro: Sandcastle economics
Peter Garnry
Chief Investment Strategist
Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p... -
Quarterly Outlook
Bonds: What to do until inflation stabilises
Althea Spinozzi
Head of Fixed Income Strategy
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ... -
Quarterly Outlook
Commodities: Energy and grains in focus as metals pause
Ole Hansen
Head of Commodity Strategy
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...