Natural Gas Futures: Extra gains look not favoured
|CME Group’s flash data for natural gas futures markets noted open interest dropped for the fourth consecutive session on Tuesday, this time by more than 2K contracts. In the same line, volume went down by around 77.8K contracts after two daily builds in a row.
Natural Gas could slip back to $7.50
Tuesday’s uptick in prices of natural gas was amidst shrinking open interest and volume, indicative that a potential rebound looks unsustainable for the time being. Against that, the commodity could slip back to the key support region around $7.50 per MMBtu.
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