Natural Gas Futures: A deeper drop is not favoured
|Open interest in natural gas futures markets shrank for the second straight session on Tuesday, this time by nearly 8K contracts in light of flash data from CME Group. On the other hand, volume went up for the second consecutive session, now by more than 72K contracts.
Natural Gas looks supported by the 200-day SMA
Tuesday’s downtick in prices of natural gas was against the backdrop of shrinking open interest, indicative that further weakness appears somewhat unlikely in the very near term. Against that, there is solid contention around the 200-day SMA, today at $4.352 per MMBtu.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.