Natural Gas Futures: A deeper pullback appears not favoured

Pablo Piovano FXStreet

According to advanced figures from CME Group for natural gas futures markets, open interest dropped by nearly 6.5K contracts after three daily builds in a row on Thursday. Volume, in the meantime, reversed two consecutive daily advances and went down by almost 118K contracts.

Natural Gas looks supported by the 200-day SMA

Prices of natural gas were rejected from the $4.80 area on Thursday. The downtick was accompanied by diminishing open interest and volume, removing some strength from further retracement in the very near term. In the meantime, the 200-day SMA around $4.25 per MMBtu emerges as a decent contention area for the time being.

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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