Natural Gas Futures: Further consolidation ahead of potential gains?

Pablo Piovano FXStreet

According to preliminary readings from CME Group for natural gas futures markets, open interest rose for the third consecutive session on Monday, now by just 230 contracts. Volume followed suit and went up by around 4.5K contracts.

Natural Gas: Upside limited by $9.00

Prices of natural gas charted an inconclusive session at the beginning of the week against the backdrop of rising open interest and volume. That said, the commodity faces prospects for further consolidation ahead of the $9.00 mark per MMBtu. Further upside should put a test of the 2022 high at $9.75 (July 26) back on the radar sooner rather than later.

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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