Natural Gas Futures: Scope for extra decline
|CME Group’s advanced readings for Natural Gas futures markets noted traders increased their open interest positions by nearly 6.5K contracts, reaching the second build in a row. Volume, instead, reversed three consecutive pullbacks and went down by nearly 131K contracts.
Natural Gas faces the next support near $2.10/MMBtu
Prices of Natural Gas dropped to the $2.30 region on Thursday amidst rising open interest. Against this, prices of the commodity are likely to extend the pullback in the near-term. Initial support is now seen around $2.10, or early August lows.
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