Natural Gas Futures: Near-term correction likely

Pablo Piovano FXStreet

CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the second session in a row on Tuesday, this time by around 3.7K contracts. Volume, instead, went up for the second consecutive day, now by around 34.2K contracts.

Natural Gas remains supported around the $2.50 zone

Prices of natural gas maintained the optimism and climbed to multi-session highs past the $2.70 zone on Tuesday. The move, however, was on the back of shrinking open interest, which should remove some strength from the weekly rebound. In the meantime, the $2.50 region per MMBtu continues to hold the downside for the time being.

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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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