Natural Gas Futures: Door open to further weakness

Pablo Piovano FXStreet

Open interest in natural gas futures markets reversed five daily pullbacks in a row and rose by around 8.8K contracts on Friday considering advanced prints from CME Group. On the other hand, volume extended the downtrend, this time dropping by around 37.4K contracts.

Natural Gas: Sellers target $6.00

Prices of natural gas extended the downtrend on Friday against the backdrop of increasing open interest. That said, further retracement might be in store for the commodity in the very near term and with a potential revisit to the $6.00 mark per MMBtu emerging as the next level of note.

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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