Natural Gas Futures: Door open to extra losses

Pablo Piovano FXStreet

Traders increased their open interest positions in Natural Gas futures markets by around 10.7K contracts on Wednesday, prolonging the erratic performance seen as of late and in light of advanced figures from CME Group. Volume, too, went up by around 24.4K contracts, partially reversing the previous pullback.

Natural Gas could re-test the $2.10/MMBtu area

Prices of Natural Gas charted a bearish “outside day” on Wednesday. That, coupled with rising open interest, leaves the scenario ripe for extra downside in the near-term. Against that, the next support of relevance could come in at the $2.10 region, or early August lows.

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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