The current price of GAS shows a mixed pattern of bullish and bearish factors. On the short term, the fundamentals are bearish due to weak U.S. PPI data and a sharp drop in natural gas prices. However, ongoing geopolitical conflicts and supply uncertainties support safe-haven demand, limiting the downside potential. Technically, 1.65 serves as key support. If the price holds firm and effectively breaks through the 1.80 resistance level, accompanied by increased volume, a rebound could resume; otherwise, a range-bound pullback may occur. It is advised to monitor the 1.65-1.80 zone, trade following the breakout, and avoid chasing highs without confirmation.

Both headline and core U.S. PPI for March came in below expectations, and natural gas prices have plummeted by over 50% month-over-month, becoming a key driver for the lower producer price index. The sharp decline in natural gas prices reflects inventory accumulation and weak demand, exerting significant short-term bearish pressure on GAS contracts.

The U.S. March PPI, both overall and core, came in significantly below market expectations, which had focused heavily on rising energy prices. While refined oil products surged, a 51.7% drop in natural gas prices and flat services inflation—accounting for 68% of the index—dampened the impact. Declining trade margins and a 0.3% fall in food prices also contributed. The market overestimated crude oil's effect and underestimated natural gas declines, margin compression, and slowing core services inflation.

Analysis: Market expectations are over-focused on crude oil, and the US March PPI was comprehensively lower than expected.

Middle Eastern conflicts have caused widespread disruptions to the global energy chain, raising uncertainties in shipping and natural gas supply, which in turn increases safe-haven demand and firmly supports short-term prices. Meanwhile, China's March natural gas imports fell to a three-year low. The imbalance on the supply side, coupled with changes on the demand side, generates a tug-of-war between bullish and bearish market factors.

China's exports in March increased by 2.5% year-on-year in US dollar terms, while imports rose by 27.8% year-on-year.  
China's March natural gas imports fell to a more than three-year low; electric vehicle exports surged 77% in Q1, and lithium battery exports grew by 50%.  
Inflation is broadly below expectations! US March PPI rose 4% year-on-year, hitting a three-year high.  
Western media: The US and Iran are starting a new round of talks this week; Iran quickly denied the reports as "completely unfounded."  
Reports: Iran is considering suspending Hormuz Strait shipping to gain leverage for the new round of talks.  
Japan's 20-year government bond auction subscription ratio hit the highest since 2019, and long-term government bond yields declined.  
Warren submitted financial disclosure documents; the Fed's new chair confirmation process has taken a key step forward.  
IEA sharply downgraded the 2026 global oil outlook: demand is shrinking for the first time in six years, with the largest supply disruption in history.  
Amazon plans to acquire Globalstar, directly challenging Musk's Starlink.  
JPMorgan Chase's Q1 revenue reached $50.5 billion, beating expectations; trading business hit a record high, and investment banking revenue surged 38%.  
The Nikkei 225 index closed up 2.4%, the Shanghai Composite Index closed up 0.95%, and the Hang Seng Index closed up 0.82%.

Global news you need to know before the US stock market opens on Tuesday.

The Iran conflict is disrupting global trade beyond oil, affecting shipping, gas, fertilizer, aviation, petrochemicals, and trade finance, leading to broader economic impacts. China's slowing exports and surging imports, along with weaker US inflation data, signal rising input costs and weaker demand. This creates tighter financial conditions and higher volatility, influencing Bitcoin's role as an inflation hedge amid geopolitical stress. Prolonged disruptions risk shifting from a shock to a structural regime, impacting global liquidity and trade flows.

New weakening China trade and US inflation data means Iran economic contagion is spreading, in unique setup for Bitcoin

Daily charts show GAS found support and rebounded quickly after falling to the 1.6465 area, with recent closes above 1.78 and sitting on the 20-day moving average. Trading volume has picked up; however, the 1.80 to 1.81 zone forms a resistance at previous highs. In the short term, watch for confirmation of a breakout with volume, otherwise, a correction risk remains.

Bloomberg senior commodity strategist Mike McGlone warned that after Bitcoin's sharp rally and correction in 2025, commodities like silver, gold, copper, natural gas, and especially crude oil may face similar correction risks by the end of 2026. Rapid price increases, while often supported by fundamentals, tend to boost supply and reduce demand, leading to potential price reversals and market disruptions.

Bloomberg Analyst: After BTC’s sharp rally last year, commodities such as crude oil may face similar correction risks this year.

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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GAS price today is 1.78, with a live price change of 1.27 in the last 24 hours. Convert, buy, sell and trade GAS on Bybit-eu.

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