Natural Gas Futures: Further losses in store near term

Pablo Piovano FXStreet

Open interest in in natural gas futures markets increased for the third consecutive session on Monday, this time by around 5.5K contracts according to preliminary readings from CME Group. In the same direction, volume went up by nearly 7K contracts after three daily drops in a row.

Natural Gas: Bullish attempts appear limited by $3.00

Prices of natural gas dropped to multi-day lows at the beginning of the week. The continuation of the leg lower came in tandem with rising open interest and volume and exposes a deeper decline in the very near term. On the upside, the $3.00 mark per MMBtu continues to be a solid resistance for bulls 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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