Natural Gas Futures: Still waiting for the correction

Pablo Piovano FXStreet

Open interest in natural gas futures markets shrank for the fourth consecutive session on Tuesday, this time by nearly 13K contracts in light of preliminary readings from CME Group. In the same line, volume dropped by almost 5.3K contracts, partially reversing the previous daily build.

Natural Gas meets resistance near $5.40

The rally in prices of natural gas stays unabated. Tuesday’s advance to new 2021 highs well beyond the $5.00 mark per MMBtu was, however, against the backdrop of shrinking open interest and volume. That said, a corrective downside remains largely overdue, and this view is also reinforced by the persistent overbought condition of the commodity.

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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