Natural Gas Futures: A deeper correction looks probable

Pablo Piovano FXStreet

According to preliminary readings for natural gas futures markets from CME Group, open interest went up by around 15.4K contracts on Tuesday, extending the uptrend for yet another session. In the same direction, volume reversed the previous pullback and increased by around 132.6K contracts.

Natural Gas recedes from. 2021 highs

After reaching new YTD peaks near $3.37 per MMBtu on Tuesday, prices of the natural gas closed the session with decent losses in tandem with rising open interest and volume. That said, there is scope for extra losses in the very near term to, initially, the $3.15 area.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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