Natural Gas Futures: A pause in the rally looks likely

Pablo Piovano FXStreet

Considering advanced readings from CME Group for natural gas futures markets, open interest dropped by around 24.7K contracts on Friday, reversing six consecutive daily builds. Volume, instead, increased by around 87.7K contracts, adding to the ongoing uptrend.

Natural Gas faces the next up-barrier at $3.50

Prices of natural gas edged higher and extended the breakout of the key $3.00 mark on Friday. The daily gains, however, were amidst shrinking open interest, which is indicative that a potential corrective move could be brewing in the very near term. In the meantime, there is a decent barrier around the $3.50 region per MMBtu ahead of the round level of $4.00.

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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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