Natural Gas Futures: Room for a deeper drop – UOB

Pablo Piovano FXStreet

Open interest in natural gas futures markets rose for the second straight session on Tuesday, now by around 8.5K contracts according to advanced prints from CME Group. In the same line, volume increased by around 68.3K contracts after two consecutive daily pullbacks.

Natural Gas stays capped by $4.00

Tuesday’s negative session in prices of natural gas was amidst rising open interest and volume, opening the door to the continuation of the leg lower in the very near term at least. Occasional bullish attempts, in the meantime, appear limited by the 200-day SMA, today at the $4.00 mark 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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