Natural Gas Futures: Further gains not ruled out
|In light of advanced prints from CME Group for natural gas futures markets, open interest reversed two straight sessions with losses and rose by just 62 contracts on Tuesday. Volume followed suit and went up by around 67.7K contracts, reversing at the same time four consecutive daily pullbacks.
Natural Gas remains supported near $4.70
Prices of natural gas rose for the second session in a row on Tuesday amidst rising open interest and volume, allowing for the continuation of the recovery in the very near term and with the immediate target at the weekly top near $5.40 per MMBtu (November 16). On the downside, the $4.70 area continues to emerge as a firm contention area.
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