Natural Gas Futures: Probable knee-jerk near term

Pablo Piovano FXStreet

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by nearly 3.5K contracts on Monday, partially reversing the previous daily build. Volume, instead, went up by almost 48K contracts after two consecutive daily drops.

Natural Gas faces initial support around $2.50

Monday’s uptick in prices of natural gas was accompanied by shrinking open interest and increasing volume, which leaves the door open to a minor corrective decline amidst the prevailing consolidative phase. So far, there is decent contention around the $2.50 region 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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