Natural Gas Futures: Further consolidation likely
|Open interest in Natural Gas futures markets dropped for yet another session on Tuesday, this time by around 6.7K contracts according to advanced readings from CME Group. Volume, instead, went up by around 140.4K contracts following three consecutive daily pullbacks.
Natural Gas seen gyrating around $3.00/MMBtu
Tuesday’s inconclusive price action in Natural Gas was against the backdrop of diminishing open interest, signalling the likelihood of further consolidation around current levels at least in the very near-term. That said, the $3.00 mark per MMBtu is still deemed as a key level.
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