Natural Gas Futures: Upside could lose momentum

Pablo Piovano FXStreet

CME Group’s advanced figures for Natural Gas futures markets noted open interest retreated by almost 3K contracts on Monday, extending the choppy activity seen as of late. Volume, instead, reversed two consecutive daily pullbacks and rose by nearly 602K contracts.

Natural Gas now targets the 2020 highs

Prices of Natural Gas rose more than 15% at the beginning of the week amidst diminishing open interest, leaving the upside exposed to some correction in the very near-term. Looking at the broader picture, Natural Gas could attempt a move to test YTD highs around $2,26 (May 5) in the short-term horizon.

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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