Natural Gas Futures: Extra decline not ruled out

Pablo Piovano FXStreet

Considering advanced prints from CME Group for natural gas futures markets, open interest increased for the second session in a row on Wednesday, this time by around 14.8K contracts. On the other hand, volume remained choppy and dropped by nearly 85K contracts.

Natural Gas seems supported around $2.50

Prices of natural gas retreated for the fourth session in a row on Wednesday, this time revisiting the $2.50 region amidst rising open interest, which is indicative that further gains appear on the cards in the very near term. In the meantime, the provisional 100-day SMA around $2.50 per MMBtu appears as a decent contention 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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