US natgas prices higher
Gas futures for July delivery on the New York Mercantile Exchange fell 3.5 cents, or 1.0%, to $3.568 per million British thermal units. On Tuesday, the contract closed at its lowest since May 30 for a second day in a row.
Prices edged up even as energy firms continue to add record amounts of gas into storage and as the cost of spot gas remains well below futures prices.
So far this year, energy firms have pulled a monthly record high of 1.013 billion cubic feet (bcf) of gas out of storage during a brutally cold January and added a monthly record high of 497 bcf into storage in May when mild weather kept both heating and cooling demand low, according to federal energy data.
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Business Recorder
a day ago
- Business Recorder
Dollar slips versus major currencies
TOKYO: The dollar slipped against other major currencies on Friday after President Donald Trump got his signature tax cut bill over the final hurdle and pressure mounted on countries to secure trade deals with the United States. The US currency had rallied on Thursday after stronger than expected US jobs data pushed out the timing for potential rate cuts by the Federal Reserve. But the dollar index, which tracks the currency against major peers, is headed for a second-straight weekly decline. The Republican-controlled House of Representatives narrowly passed Trump's 'One, Big, Beautiful Bill' of spending and tax cuts that is estimated to add $3.4 trillion to the country's $36.2 trillion debt. Trump is expected to sign the bill into law on Friday. With the US closed for Independence Day, attention turns to Trump's July 9 deadline when sweeping tariffs take effect on countries like Japan that have not yet secured trade agreements. 'The appetite for the dollar is waning because, one, the US debt worries are rising and appetite for US debt is at risk,' said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank. 'And also because of the fact that the tariff situation and trade disruptions are going to have a negative impact on growth for the US and the Fed will not necessarily be able to support the economy when inflation risks are rising.' The dollar index had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs heightened concerns about the US economy and the safety of Treasuries. The US currency has fallen more than 6% since April 2, which was when the US announced tariffs on the world, and had hit the lowest in more than three years against the euro and British pound earlier in the week. The dollar index edged 0.1% lower to 96.92, trimming its 0.4% advance on Thursday. The euro added 0.2% to $1.178, poised for a 0.5% weekly gain. The yen climbed 0.4% to 144.32 versus the dollar, while the Swiss franc firmed 0.2% to fetch 0.793 per dollar. TRADE CONCERNS Trump said many countries will get letters on Friday specifying what tariff rates they will face, marking a shift from earlier pledges to do individual deals with trading partners. European Commission President Ursula von der Leyen said the EU was aiming for a trade agreement 'in principle' with the US before the deadline. Japan, which has been a focus of Trump's ire of late, is reportedly sending its chief trade negotiator to the US again as early as this weekend. Indonesia offered to cut duties on key imports from the United States to 'near zero' and to buy $500 million worth of US wheat. Elsewhere, China said it would implement duties of up to 34.9% on brandy originating in the European Union for a period of five years starting from July 5. In some relief for investors worried about the health of the US economy, the employment report on Thursday showed that non-farm payrolls increased by 147,000 jobs in June, well ahead of economists' forecast in a Reuters poll for a rise of 110,000.
Business Recorder
a day ago
- Business Recorder
THE RUPEE PKR: 0.04pc decline
KARACHI: The Pakistani rupee weakened against the US dollar, depreciating 0.04% in the interbank market on Friday. At close, the currency settled at 283.97, a loss of Re0.11. On Thursday, the currency settled at 283.86. Internationally, the US dollar held gains on Friday after President Donald Trump got his signature tax cut bill across the final hurdle and pressure mounted on countries to secure trade deals with the United States. The greenback rallied from multi-year lows against the euro and British pound hit earlier in the week after stronger than expected US jobs data pushed out the timing for potential rate cuts by the Federal Reserve. New Zealand's kiwi dollar, a common proxy for risk appetite, rose 0.2% to $0.608 after US stocks climbed to new record levels. The Republican-controlled House of Representatives narrowly passed Trump's 'One, Big, Beautiful Bill' of spending and tax cuts that is estimated to add $3.4 trillion to the nation's $36.2 trillion debt. With the US closed for Independence Day, attention turns to Trump's July 9 deadline when sweeping tariffs take effect on countries like Japan that have not yet secured trade agreements. The US dollar index, which tracks the greenback against major peers, had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs stoked concerns about the U.S. economy and the safety of Treasuries. Oil prices, a key indicator of currency parity, fell more than 1% on Friday, pressured by expectations that OPEC+ producers will decide this weekend to raise output and an Iranian reaffirmation of its commitment to nuclear non-proliferation. Brent crude futures were down 70 cents, or 1.02%, at $68.10 a barrel by 10:06 ET (1406 GMT) while U.S. West Texas Intermediate crude fell 72 cents, or 1.07%, to $66.28. Trade was thin due to the U.S. Independence Day holiday. Both contracts were on track for a small weekly gain, with Brent trading about 0.5% higher than last Friday's close and WTI around 1.2% higher. Open-market movement In the open market, the PKR lost 35 paise for buying and remained unchanged for selling against USD, closing at 285.41 and 286.40, respectively. Against Euro, the PKR gained 38 paise for buying and 16 paise for selling, closing at 335.69 and 338.20, respectively. Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 77.68 and 78.10, respectively. Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 75.98 and 76.40, respectively. ======================== Open Bid Rs 285.41 Open Offer Rs 286.40 ======================== Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday ======================== Open Bid Rs 283.97 Open Offer Rs 284.16 ======================== RUPEE IN LAHORE: The Pak rupee witnessed a stable closing both against the US dollar and the British pound at the weekend. According to local market sources, the Pak rupee closed at Rs 285.75 and Rs 286.40 against the US dollar compared to the previous closing of Rs 285.75 and Rs 286.40, respectively. However, regarding the British pound, the Pak rupee witnessed a closing at Rs 390.00 and Rs 392.60 against the previous closing of Rs 390.00 and Rs 391.90 respectively. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business Recorder
Rupee lowers against US dollar
The Pakistani rupee weakened against the US dollar, depreciating 0.04% in the interbank market on Friday. At close, the currency settled at 283.97, a loss of Re0.11. On Thursday, the currency settled at 283.86. Internationally, the US dollar held gains on Friday after President Donald Trump got his signature tax cut bill across the final hurdle and pressure mounted on countries to secure trade deals with the United States. The greenback rallied from multi-year lows against the euro and British pound hit earlier in the week after stronger than expected US jobs data pushed out the timing for potential rate cuts by the Federal Reserve. New Zealand's kiwi dollar, a common proxy for risk appetite, rose 0.2% to $0.608 after U.S. stocks climbed to new record levels. The Republican-controlled House of Representatives narrowly passed Trump's 'One, Big, Beautiful Bill' of spending and tax cuts that is estimated to add $3.4 trillion to the nation's $36.2 trillion debt. With the US closed for Independence Day, attention turns to Trump's July 9 deadline when sweeping tariffs take effect on countries like Japan that have not yet secured trade agreements. The US dollar index, which tracks the greenback against major peers, had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs stoked concerns about the U.S. economy and the safety of Treasuries. Oil prices, a key indicator of currency parity, were little changed on Friday as a solid job market bolstered the case for the US Federal Reserve keeping interest rates on hold, with investors also awaiting clarity on President Donald Trump's plans for tariffs on various countries. Brent crude futures rose 1 cent, or 0.01%, to $68.81 a barrel by 0036 GMT, while U.S. West Texas Intermediate crude firmed 3 cents, or 0.04%, to $67.03. Trade was thinned by the US Independence Day holiday.
