Natural Gas Futures: Scope for a move lower

Pablo Piovano FXStreet

According to advanced prints for natural gas futures markets from CME Group, open interest rose for yet another session on Wednesday, now by around 4.3K contracts. On the opposite side, volume extended the erratic activity and went down by around 216.7K contracts.

Natural Gas faces initial support at $2.83

Wednesday’s downtick in natural gas prices was accompanied by rising open interest, allowing for further retracements in the very near-term. That said, a deeper pullback is expected to meet contention in the weekly lows around the $2.83 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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