Natural Gas Futures: Extra gains appear limited
|In light of advanced data from CME Group for Natural Gas futures markets, open interest shrunk by around 16.3K contracts on Thursday, following three consecutive daily builds. Volume, too, decreased for the third session in a row, this time. By around 51.5K contracts.
Natural Gas Prices: Next resistance emerges near $1,90
Natural Gas prices extended the bounce off sub-$1,70 lows on Thursday. The ongoing move up, however, is seen as short-lived against the backdrop of diminishing open interest and volume.
On the broader scenario, YTD lows in the sub-$1.60 region emerge as the next relevant contention in case sellers return to the market. On the other hand, any serious recovery is expected to meet interim hurdle at the 100-day SMA at $1.85 and the 55-day SMA at $1.88, all ahead of monthly tops in the $1.90 neighbourhood.
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