Natural Gas price keeps rising on storage data, European plant outages, hotter weather

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• Natural Gas extends higher on Friday, though at a slower pace as the US Dollar finds a floor on the back of hawkish Fedspeak.
• The latest driver is the news that the Groningen Gas plant in the Netherlands will probably close in October 2023, a year earlier than previously thought. 
• A weaker US Dollar following the ECB’s hawkish hike on Thursday adds further fuel to XNG/USD’s rally. 

Natural Gas price has shot up over 14% so far this week, propelled by lower-than-expected storage data, hotter weather conditions (Gas is used for cooling as well as heating), reports of high-profile outages in Europe, a substantially weaker US Dollar, and expectations of keener demand from Asia.