Natural Gas Futures: Pullbacks deemed as shallow
|CME Group’s advanced readings for Natural Gas futures markets showed open interest went down for the third session in a row on Wednesday, this time by nearly 5K contracts. In the same line, volume dropped for the second straight day, now by around 115.2K contracts.
Natural Gas faces the next hurdle at $2.50/MMBtu
Natural Gas clinched fresh multi-week peaks around $2.26 on Wednesday, although it closed with losses amidst shrinking open interest and volume. That said, occasional retracements are seen as shallow, while the upside target remains at the 2020 highs around $2.50 recorded in early May.
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.