Natural Gas Futures: Extra losses in the pipeline
|Considering advanced readings from CME Group for natural gas futures markets, open interest went up by around 5.1K contracts after two consecutive daily pullbacks on Wednesday. In the same line, volume shrank by around 18K contracts, reversing two consecutive daily builds.
Natural Gas: Immediate support comes at $2.60
Wednesday’s downtick in prices of natural gas was on the back of rising open interest, which suggests that extra downside appears likely in the very near term. In the meantime, the weekly low around the $2.60 region per MMBtu (September 18) initially emerges as an interim support for the time being.
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