Natural Gas Futures: Extra upside seems unlikely

Pablo Piovano FXStreet

CME Group’s flash data for natural gas futures markets noted traders reduced their open interest positions for yet another session on Wednesday, this time by around 9.4K contracts. In the same line, volume shrank by around 167.1K contracts.

Natural Gas: Next resistance comes near $2.70

Natural gas prices extended the rebound on Wednesday against the backdrop of declining open interest and volume, hinting at the idea of a potential corrective move in the very near term. That said, bullish attempts are expected to falter around the June peaks near the $2.70 mark per MMBtu (June 20).

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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