Natural Gas Futures: Extra downside looks limited

Pablo Piovano FXStreet

Traders scaled back their open interest positions for the second session in a row on Thursday, this time by nearly 5k contracts according to advanced prints from CME Group. In the same line, volume went down by around 125.6K contracts.

Natural Gas could attempt a near-term rebound

Thursday’s negative performance of natural gas prices came on the back of shrinking open interest and volume, leaving the probability of extra decline somewhat diminished. The key hurdle on the upside remains at the $3.00 per MMBtu while the 200-day SMA around $2.26 is expected to hold the downside.

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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