• Natural Gas bounced back up to near $3.0 on Tuesday.
• Traders are looking at the weak spots in the European Gas supply. 
• The US Dollar index trades around 105.00 and could face another leg lower. 

Natural Gas price (XNG/USD) trades slightly higher on Wednesday after a nice technical bounce. Although Norwegian Gas is flowing again at full throttle into Europe, the recent unforeseen outage from the Nyhamna Gas Plant in Norway shows how fragile and dependent Europe is on other countries to fill the gap from Russian Gas. This might create a synthetic floor in the Gas price action as any disruption will have ripple effects for Europe. 

Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is easing a touch this week. Although the US markets are closed in observance of Juneteenth, traders will be trying to wrap their heads around the downbeat US Retail Sales report for May, released on Tuesday. The softer-than-expected Retail Sales may signal that consumers can no longer cope or bear with these elevated interest rates.