Natural Gas Futures: Upside lacks conviction
|Open interest in natural gas futures markets shrank for the sixth session in a row on Wednesday considering preliminary readings from CME Group. On the other hand, volume reversed three consecutive daily pullbacks and rose by around 147.6K contracts.
Natural Gas faces initial support around $3.80
Prices of natural gas flirted with 2-week highs around $4.40 on Wednesday. The uptick, however, came in tandem with shrinking open interest, which opens the door to a probable corrective move in the very near term. Occasional bearish moves, in the meantime, should meet initial contention around the $3.80 region per MMBtu.
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.