Natural Gas Futures: Extra pullbacks look likely

Pablo Piovano FXStreet

According to advanced figures for natural gas futures markets from CME Group, open interest rose for the fifth consecutive session on Tuesday, this time by around 6.1K contracts. Volume followed suit and went up by around 109.6K contracts after two consecutive daily drops.

Natural Gas points to further losses

Tuesday’s negative price action in natural gas prices was amidst rising open interest and volume, indicative that further retracements seem probable in the very near term. That said, there is an interim support at the 10-day SMA around $4.43 ahead of early August tops near the $4.20 mark per MMBtu.

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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