Natural Gas Futures: There is still room for extra gains

Pablo Piovano FXStreet

CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the third straight session on Wednesday, now by around 20.5K contracts. In the same line, volume reversed two daily builds in a row and went down by more than 29K contracts.

Natural Gas: Next on the upside comes $2.90 ahead of $3.00

Wednesday’s marked decline in prices of natural gas was accompanied by diminishing open interest and volume, indicating that the continuation of the downtrend looks out of favour in the very near term. Immediately to the upside for the commodity comes the so far September top near $2.90 prior to the key resistance zone around the $3.00 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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