Natural Gas Futures: Further upside not ruled out
|CME Group’s flash data for Natural Gas futures markets noted open interest rose for the third consecutive session on Wednesday, now by nearly 8K contracts. Volume, on the same line, decreased by almost 28.3K contracts, adding to the previous build.
Natural Gas Prices: Support emerged near $1.67/MMBtu
Natural Gas prices bounced off multi-week lows near $1.67 on Wednesday amidst rising open interest. That said, the continuation of the rebound could extend further in the short-term horizon.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.