Natural Gas Futures: Door open for extra losses
|According to CME Group’s flash data for Natural Gas futures markets, open interest rose for the fourth consecutive session on Wednesday, this time by just 988 contracts. Volume, instead, dropped for the second straight session, now by nearly 19K contracts.
Natural Gas Prices: Further retracements in the pipeline
Prices of Natural Gas are trading in levels last seen in early April around $1,66 per MMBtu, extending the downside bolstered by the continuation of the uptrend in open interest.
Moving forward, the area of 2020 lows in the $1,60 neighbourhood emerges as the next target of relevance in case the selling bias picks up pace. On the other hand, the weekly high at $1,787 (Monday) acts as an interim resistance.
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