Natural Gas Futures: Rally appears well in place

Pablo Piovano FXStreet

Considering advanced prints from CME Group for natural gas futures markets, open interest extended the downtrend in place since June 14 on Tuesday, this time dropping by around 30.5K contracts, the largest single-day drop so far this year. In the opposite direction, volume went up by around 71.2K contracts, reversing the previous daily pullback.

Natural Gas: Strong resistance emerges around $3.00

Prices of natural gas retreated modestly on Tuesday amidst the strong recovery in place since mid-June. The downtick was accompanied by a sharp drop in open interest, which seems to pave the way for further gains in the very near term. Against that, the March top just above the $3.00 mark per MMBtu emerges as a solid resistance 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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