Natural Gas Futures: Correction lower on the cards
|According to FX Strategists at UOB Group, open interest in Natural Gas futures markets shrunk by around 10.2K contracts on Tuesday. Volume followed suit and dropped by around 131.1K contracts.
Natural Gas faces strong resistance around $2,00/MMBtu
The strong rebound in prices of Natural Gas since late June lows seems to have met strong resistance around the $1,95 level so far. Tuesday’s diminishing open interest and volume amidst rising prices opens the door to some near-term correction, while the $2,00 mark still emerges as the next relevant hurdle.
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.