Market Open: Futures grounded but gas set to soar like a hot air balloon

ASX Futures were down 0.2% this morning, on cue from Wall Street which saw the S&P500 dipping slightly by 1 point overnight, the Dow Jones -0.4% and the Nasdaq -0.2%.

A lack of data left United States markets reliant on cautious comments from leading Federal Reserve Bank commentors.

News Corporation.. (ASX:NWS) reported lower third quarter revenue of 1% to $3.7 billion compared to the corresponding period a year ago, but adjusted revenues were flat. Commonwealth Bank’s March quarter profits slipped 5% to $2.4billion against the prior comparable period and Rea Group Ltd (ASX:REA) quarterly revenue leapt 15% to US$34million on the back of higher Australian residential revenues.

In New York Rio Tinto and BHP Billiton traded 1.5% and 1.7% lower respectively and in Australia all eyes will be on Santos and Woodside shares this morning after the Labor government pinned its colours to the mast in support of natural gas as an energy source to help support renewables beyond 2050.

Resources Minister Madelaine King is due to confirm this in the Future Gas Strategy to be released tomorrow in addition to supporting carbon capture and sequestration as an emerging technology to abate future emissions and help Australia meet net zero targets.

LNG is Australia’s third largest export.

The RBA will release building approvals for small geographical areas of Australia in the March quarter today as well as payroll estimates for the week ending April 13.

Iron Ore was trading down 0.8% today at $118. Gold was down nearly 6% at $2309. Brent crude was up 0.5% at $88 a barrel and natural gas was mostly flat at $2.17.