Natural gas prices come under pressure as US natural gas storage increases

US Energy Information Administration (EIA) has released its weekly report on natural gas storage, revealing an increase in the number of cubic feet of natural gas held in underground storage. The increase in natural gas storage last week was 96Bcf. This was more than expectations. This has put downward pressure on natural gas prices.

US pending home sales rise more than expected in May

Contracts to buy previously owned U.S. homes increased more than expected in May, but higher mortgage rates remain a constraint for buyers. Home sales may get a boost if US Federal Reserve goes for another interest rate cut soon.

UK long-term inflation expectations highest since Sept 2022

The British public’s expectations for inflation over the long term have risen in June to their highest since September 2022. This higher expectation of inflation may impact wage rate negotiations in the economy.

German consumer sentiment expected to dip in July

German consumer sentiment may decline slightly in July, according to a survey released on Thursday by GfK market research institute and the Nuremberg Institute for Market Decisions. Decline in consumer sentiment may adversely impact demand and consumption in the German economy.

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Source: EIA